The fail-safe level can change in real-time as we have stated in past reports and in the webinars. The last reported fail-safe of 2612 on the NASDAQ Composite has been adjusted higher due to lackluster buying pressure on the part of leading stocks and major indices. That said, while the model remains on a sell signal, it is close to switching signals. If the market has another up day or two, the model will most likely switch as it:
a) does not wish to argue with a trend, albeit a sloppy one characterized by a cancerous fundamental backdrop merely propped by temporary forces such as the Federal Reserve lending to cash strapped European banks, and
b) wishes to keep its losses to a minimum as dictated by 1-times ETFs such as QQQ. At present, the loss is at 2.3% on the NASDAQ Composite, so it won't take much to push the model into a cash signal.
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