We are going from the left side to the right side of the spectrum. Bears are giving up, bulls are feeling bold, and we are squeezing higher. I am hanging on to my short position, we are reaching serious overbought territory and only the strongest of markets can overcome that.
There is a mass migration going on now from bear to bull camp. I don't know if we'll have a good top till its nearly complete, but I think we'll probably be there within 2 weeks. In the meantime, I expect us to pullback from this very overbought levels either later today or Monday.
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4 comments:
Where is the data to support this? I don't see it is the PCR's. Retail still bearish!
Dawg, mkt is like a runaway train right now, only thing that can stop it is some really bad news.
It broke all the resistance, only one left now is the high of 1150.
It's very sad man, and doesn't make sense. People, especially the media, like to be bullish every chance they get.
The put call ratios the last 2 days have been going down. Equity put call of 0.7 is not that unusual. I would say its neutral.
MA's are what matter. 10 DMA and 21 DMA. Very elevated vs the bull mkt since July, but not as elevated as when the July selloff ended.
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