I like the Hindenburg Omen. It's badly named and should have been called something like "Many Highs and Lows at the Same Time, but Not Too Many" indicator. The mainstream press is sensationalizing the merits of the indicator because of its name. One video called it a superstition! Ignore their tripe. It is what it is, a damn fine indicator of a top!
It has a high accuracy rate according to Bob McHugh: We Got an Official Confirmed Hindenburg Omen On May 31st, 2013. Of interest, we had another one on Monday, and another on Tuesday, yet I can find no mention of this in the financial press. I guess they thrashed it enough on Monday that they don't care anymore.
Most of those against the merits of the Hindenburg Omen have a bunch of money under administration. They can't change direction on a dime, nor do the contributors to their funds wish them to do so. Of course they think it's hogwash! Ignore them; they have a different agenda than an individual investor.
The arguments against it are to discredit it, but I don't see arguments against ascending or descending triangles, or an Elliott 5th wave thrusting through a channel in its final throes. A "head and Shoulders" pattern has a measured move, a Hindenburg does not. So what!
It suggests confusion in the market. The trend following boys are having a disagreement - important stuff.
The streak of 22 up-Tuesdays was broken yesterday - lending credence to a direction change.
Ignore the hype; stay in cash. The risk to do so is low!