Thanks. I am afraid, I don't understand why the divergence between $BPs for NDX, SPX, INDU and $BP for broader market is bearish. One (trivial) explanation is outperformance of small caps, which should not happen at the top. This outperformance is likely to continue IMO.
IMO total PC is clearly too low, but ISEE and EPC are only slightly bearish/neutral.
In general, I was expecting January rally into the Fed meeting and then a nasty "sell the news - end of rate hikes". I hoped to see excessive optimism and some signs of movements of smart guys to the short side (eg COT report, OEX P/C, public short ratio, odd lot short sales - something similar to Dec 2004). I see very little of all this.
I am sceptical about short trades right now.
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