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[dcengr]

This is probably more bullish than bearish. The fact bullish % is decreasing without a decrease in price shows that skepticism is building again. This is also reflected in the COT trader bullish % data as I posted the other day. People are dumping... who's buying, I'm not sure. But there appears to be plenty of liquidity to absorb the decrease in bullish %s. As far as I know about the COT bullish%, it tends to peak and head the other way. Price usually follows. This was *not* the case in jan of 06, as bullish % decreased and prices kept increasing. Then as it kept increasing, bullish % started to rise again. The bullish % never hit the peak of jan 06 before the may 06 top. If a similar pattern is to develop, we are looking at a top around march/april as sentiment swings around again (since sentiment peak this time was in dec 06, not jan 06, so about a month or two earlier). The 9 month cycle low is still due around march/april. Lindsay's bottom/bottom/top still says feb top. The 1936, 1946 correlations say about march top. II Data Bull Bear Bull% Bull-Bear Ratio 09/19/06 47.4 33.7 58.45% 13.7 1.41 09/26/06 47.4 33.7 58.45% 13.7 1.41 10/03/06 49.5 33.3 59.78% 16.2 1.49 10/10/06 52.2 30.4 63.20% 21.8 1.72 10/18/06 52.2 30 63.50% 22.2 1.74 10/25/06 52.7 30.1 63.65% 22.6 1.75 11/01/06 53.7 28.4 65.41% 25.3 1.89 11/08/06 52.1 26 66.71% 26.1 2.00 11/15/06 56.4 22.3 71.66% 34.1 2.53 11/22/06 58.5 22.3 72.40% 36.2 2.62 11/28/06 57.5 22.3 72.06% 35.2 2.58 12/06/06 59.8 23.9 71.45% 35.9 2.50 12/13/06 59.6 21.3 73.67% 38.3 2.80 12/20/06 58.8 20.6 74.06% 38.2 2.85 12/27/06 56.5 19.6 74.24% 36.9 2.88 01/03/07 55.3 21.3 72.19% 34 2.60 01/10/07 55.4 20.7 72.80% 34.7 2.68 01/17/07 50.5 22.1 69.56% 28.4 2.29