Since July 6, 2010 my market call has been rally to new highs and then once averages cleared early 2010 highs it changed to extended rally. Today, I change my call to market top with a pullback or correction in store. I don't want to say extended bear quite yet as their is no cause for that much alarm, but I do believe we have seen the upper limit of this advance for now. My evidence being the relative weakness of the Russell 2000 as compared to the S&P 500, signaling the big money is not taking risks as heavily in small caps any more.
stockcharts.com 
Additionally, the gold to silver ratio has been in a down trend for many months and has recently broke this down trend. In the past the gold to silver ratio climbing has been bad for equities and the ratio declining has meant equities should be advancing.
screencast.com
In this case I hope my market call is wrong, but I have exited many positions today and bought TZA at $14.95. I will steadily go into more TZA as the market makes a bigger case for bearishness.
I now hold: DGP TLF ITKG HCII TZA and have asks in for HIHO and VIFL. So far today I have sold KSW BDL GNTX KAZ STVI |
