No Spike, No Short

The market went up after lunch but the ratio din not spike at all. This kept me from going short again. The intraday behavior of the ratio kept me out of trouble today, when the market just went through the roof.

If my analysis of the ratio is correct, too many shorts (myself included) entered after the big move up on the ISM number, thinking the market cannot go much higher. Since the ratio did not spike as the market kept rising, I am assuming many shorts are keeping their positions, which may induce a further rally early on Tuesday.