I'VE CHANGED MY MIND

It is now 10:55AM and the winds have changed:

Here's how they changed:

Call activity is picking up (putcall went from over 2.00 to 0.78 now) and VIX is lifting back up from 75 to 77. This implies to me that there are call buyers out there paying UP to participate on a rally in stock prices. I don't think that is the best setup for the biggest rally, in fact, I view that as a short term topping measure.

I see what is going on now to drive the bulls into a frenzy = the Yen is breaking down here intraday under the 107 level.

Just as the Yen helped us to turn bearish in recent weaks, it is turning itself around and is saying the opposite now. I am aware of the Central Bank of Japan's interest in pushing the Yen back down too and their statements to that effect. These are volatile times - anything can change at a moment's notice.

I view this as an EXIT LONG opportunity for any LONGS from this last buy signal from 10 minutes ago.

11:01AM