Today was the 8th consecutive higher close for the ES. Once this market gets going to the upside, it doesn't let any buyers in. Buyers have to pay up or they can't get in. Volume is low, which means not many investors have jumped on or jumped off, and turnover is low. Basically those who held through the dip in late October/early November are still probably holding now. A logical conclusion from this is that stocks are in stronger hands than they were 3 weeks ago in middle of October. That's why I am waiting for higher prices to get short. This is not a double top scenario.
Wednesday, November 11, 2009
Make It Eight
Today was the 8th consecutive higher close for the ES. Once this market gets going to the upside, it doesn't let any buyers in. Buyers have to pay up or they can't get in. Volume is low, which means not many investors have jumped on or jumped off, and turnover is low. Basically those who held through the dip in late October/early November are still probably holding now. A logical conclusion from this is that stocks are in stronger hands than they were 3 weeks ago in middle of October. That's why I am waiting for higher prices to get short. This is not a double top scenario.
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