No chart today.

Everything that’s on a chart that could indicate a bottom is still there, a big beat-down in S&P 500 stocks above their 50 or 200 dmas (at levels that signaled “bottom” three times in the past three years), a super low RSI (a short-term indicator), super high VIX to ATR/Close (a longer-term buy indicator), etc.

Also, everything that a chart-muncher could want to signal downside room is still there. For the index, I’m more inclined to believe the nontraditional technicals than the charts, but YMMV. I’m also more inclined to look past the “sub-slime” crapola debate and “Goldilocks Economy” BS to the Yen carry trade for selloff reasons. Is 116 in our future? Again, YMMV.

With yesterday’s close, the 20-day “potential” model moved above 60 (to 71 out of 100) for a “buy” signal. With today’s close, it is still at 69 out of 100, so it still reads bullish. Meanwhile, the 20-day “safety” model is still bullish but moving down into the 40s, and the longer-term models are taking a less optimistic view of the coming twelve months, but still aren’t bearish.

Other timing models include the EZ trend, which is slow to catch on, but is still calling it a bull market, and the VIX model, which flashed a buy in June won’t be selling anytime soon. So all three of the longer-term timing indicators are saying I should be a part of this market. But it ain’t easy. Feelings pass.

MYS and ESP stopped out today, leaving me about 60% long, give or take, including the SSO and QLD positions bought today. I’m probably at 1.00 beta with dry powder left, and I’m planning to sit on my hands (SSO and QLD) and leave the remaining plays with stops (ATRO, EBIX, TRXI, IEZ, and INP) to fend for themselves.