Quote from OddTrader:
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Quote from spindr0:
I'm with MTE in that both calendars are bearish and ...
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Probably both calendars should be for bullish/neutral outlook! Why are they bearish?

Quote from spindr0:
When you're bullish, you like OTM put calendars and ITM call calendars?
Quote from OddTrader:
According to McMillan, "The calendar spreader can either have a neutral outlook on the stock or he can construct the spread for an aggressively bullish outlook." I am not able to find yet he mentioned a calender spread for bearish outlook.
However, personally I do have some different views against his comments above.