decline down to 1125 level in the SP

oldpigwang

(11-19-10) The VIX is near the bottom of its range, and sentiment is above average bullish, which means, that the odds are in favor of a further decline down to the 1125 level in the SP over the next 1-3 weeks -not necessarily next week! However, the key point to take out of our report is that we still believe that although there may be some upside left, the greater risk is on the downside, and thus, reducing long positions is statistically the right thing to do.