I interpret it as more bullish than bearish. Of course, any time that we have a pullback as deep as today one has to be careful, but I think we're not seeing an exodus to the doors and the bears walking in and taking their seats.

If you have positions that are long and you have a profit, you most likely can continue to hold your longs. If you are thinking of closing your longs AND going to contra ETFs, then you would be premature as the Q's are the only contra ETF that is indicating any type of accumulation.

Time frame is important here. On the intermediate scale, I'm more bullish. On a short-term scale, I'm neutral and happy to see the market tip convincingly one way or another. Money flow, when changing, is a short-term phenom. The 20d trend line slope of money flow can tell you what is happening over the bigger picture for the intermediate term.

Regards,

pgd