The $BPNDX is, as Dorsey says, a "souless barometer." What the future will bring is anybody's guess, but the Bullish Percentage is a very reliable breadth indicator and tells us which "team should be on the field" (as I am watching the Dolphins score again against the Patriots!); offense or defense. Currently, it should be offense, so Dorsey would advise trading long in sectors that have relative strength and in stocks that have relative strength within the sector.
Chico
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