My Market Bias Is Shifting [TheStreet.com]
PROSHARES ULTRAPRO NASDAQ BIOTECH (UBIO)
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Source: TheStreet.com
My Market Bias Is Shifting The indices are holding support and drifting back up but it is slow action and breadth is solidly negative with about 1,600 gainers to nearly 5,000 decliners. The number of new 12-month highs is below 100 while new 12-month lows are around 135. These are the worst internal measurements we have seen in a while. I don't make big loud market calls but my market bias is shifting. I'm taking a much more cautious view and am positioning for further downside. I don't expect it to come easily but the combination of weakening internals, seasonality, the struggling FAANG names and the lack of leadership is pushing me to be more negative. Ultimately my market posture is a function of my ability to find bullish "setups." I've been struggling with that for a while and see almost nothing I want to buy right now other than some plays for oversold bounces. If I see some good charts I'll buy them but the fact that I don't see many is causing me to put on some index
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