Fade the Fed?

The stock market rally is becoming a bit stretched.  Several of the short term DeMark Sequential (TM) indicators have reached 13 sell signals.

First, the OEX 150 minute chart hit a delayed 13 DeMark Sequential on the afternoon of the Fed rate hike. 

Second, the NDX hit a similar DeMark Sequential (TM) sell signal...

...as well as having hit a Combo (TM) sell 13 several days ago. 

Finally, the sentiment is finally beginning to become a bit over-exuberant as well.  The Total Bulls from the sentiment surveys has surpassed 250 (265 being the most recent ultimate tops), which in the past has been close to market tops. 

So while I continue to be bullish over the next three to six months, I'm hedging my long exposure with some puts on the strong market rally this afternoon. 

Comments

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