"This last weekend, we noted another pattern being displayed by the WSS Survey data that is ordinarily quite useful. We have found that, over the decades, when the Surveyees are leaning heavily Bearish (as they were this last weekend), the market was very likely to fall, immediately. The catch is, this pattern ALSO is highly correlated with a reversal right after the immediate weakness. No sooner had we published this reminder on Sunday afternoon, than GLOBEX opened down hard. To our eye this weakness was to be bought, though perversely, the decline was reversed by Monday morning and the market rallied."
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