My intermediate-term stock market stance has changed from bearish to bullish.

I had been telling you that odds favored another sell-off, that you should reduce your bullish exposure, and that the market’s true strength would show itself when we saw how strong that sell-off was.

The market sold off by about 8%, and then reversed higher relatively quickly.

My internal indicators show that demand has taken control, and since the sell-off was so mild, it seems likely that the March low was, in fact, the bear market bottom.

I still need to see a few more things happen to convince me that it was the bottom but, based on the weak sell-off, it’s a lot more likely.

What I am convinced of, though, is that, in the intermediate-term, demand has taken control, and it’s now much safer to take bullish positions.

Understand that, when odds strongly favor a particular outcome, we have to play those odds. But when the market reverses against all odds, it’s important to not be emotional but, instead, to get back on the bullish bandwagon, and start making money.

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