We are very close to the 6/21/10 highs on almost every index. A move above that point would cause me to become more bullish about the market. A move back below 1040, would signal a massive sell off could be underway. There are so many bearish ABC patterns out there with deep retracements. For the safest bearish trades, wait until the market can get back below its 50 day MA. For more aggressive trades, get in now and put a stop above the most recent high...the June 21st high for the most part. The market seems to be turning down at this important resistance area. What I want to see is a 100+ point drop down on the Dow with some higher than average volume. That would cause me to get very bearish again. GLD is working great so far.
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