NAAIM gave a ST Sell yesteday/last night.

There was a huge jump in the Mean exposure levels too. In the context of an overbought market with failing momentum, that's obviously a good signal. We do have a FL/FS Buy today but that has time to work out and in this context we'd expect weakness first.

Things I'm looking at are leaving me very 'pessimistic over the next couple of months. I want to see some key tech stocks resume their rise and 1060 hold (EMC, CSCO, BRCM AAPL, QCOM to name a few). I already smell a rat in the FCX action. It's valuation and action is predicting a dramatic fall off in the global economy. Gold stocks aren't doing well vs gold either. Financials selling off on decent to so-so news. There's plenty of things sounding a warning siren. I now have the SPX on a swing sell with the 50 period ema on the daily and hourly posting a fresh sell in the last few hours.