Some of you correctly deduced that if I am interested in being long UVXY ETF as discussed yesterday, that I am no longer bullish on the market. That deduction would be largely correct. One of the keys to a sustainable bull market run is “rotation”. The latter means that leadership literally rotates as one sector rests another takes over. That is not present in the current market.

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As such I think the stock market is at or near a top. The short squeeze has been relentless and therefore efficient. I do not think we will get a sharp decline… at least not initially… but expect more of an orderly decline. Too late to be long for sure.