AAII poll at 51+%bulls now and 21%bears. That is a really low bearish number. Nyse McClellan Summation Index has now dropped below its 20day average and it doesn’t appear to whipsaw once below that average. We’ve also had 2 days in a row decently down below the o line on $nymo. Perusing the blogosphere, it appears everyone is bullish now even the diehard bears who have been calling for a crash. According to Mahendra, we now start with the greatest bull market in history. Too bad he doesn’t realize that the Summation Index never reached a level from which bull runs start from. I need to put him on my watchlist for compromised analysts.
I believe the max on DOW should be 11,500 if you are to consider 11,497 in oct 1999 the right shoulder, 13,895 in july 2007 the head, and now we are in the left shoulder and ready to fall
The UUP (the dollar) had 6.8 million shares traded at 3:30 yesterday. The average volume over the last 30 days was 1-2 million per 60 minute candle.
This was 6.8 million in the last hour of the day! That’s huge! The entire day yesterday was 15 million, while the average over the last 30 days was only 5 million. Talk about a short squeeze!
When this market finally tanks, the dollar is going rocket higher. As if that one day created 3 times the normal volume, that tells me there are a ton of shorts that will get squeezed hard when she finally starts moving up hard and fast.
Would love to see a selloff. Gotta believe some profit taking will take place. Monday should be a big up day………….
AAII poll at 51+%bulls now and 21%bears. That is a really low bearish number. Nyse McClellan Summation Index has now dropped below its 20day average and it doesn’t appear to whipsaw once below that average. We’ve also had 2 days in a row decently down below the o line on $nymo. Perusing the blogosphere, it appears everyone is bullish now even the diehard bears who have been calling for a crash. According to Mahendra, we now start with the greatest bull market in history. Too bad he doesn’t realize that the Summation Index never reached a level from which bull runs start from. I need to put him on my watchlist for compromised analysts.
MSFT surprised me I do not know anyone that has bought a new anything of late except the gov’t
Not to mention buy volume the last couple weeks is far higher and is accelerating far steadier than it was either before or after May 6…
I believe the max on DOW should be 11,500 if you are to consider 11,497 in oct 1999 the right shoulder, 13,895 in july 2007 the head, and now we are in the left shoulder and ready to fall
Triangle gives support: CLICK HERE
Thanks for the info Leo
The UUP (the dollar) had 6.8 million shares traded at 3:30 yesterday. The average volume over the last 30 days was 1-2 million per 60 minute candle.
This was 6.8 million in the last hour of the day! That’s huge! The entire day yesterday was 15 million, while the average over the last 30 days was only 5 million. Talk about a short squeeze!
When this market finally tanks, the dollar is going rocket higher. As if that one day created 3 times the normal volume, that tells me there are a ton of shorts that will get squeezed hard when she finally starts moving up hard and fast.
Hi Mike, do you have DOW 11,900 as a possible top, in your analysis…If not, I’d add that to your tool kit.
Hi anoopsan,
add 8%, and then draw the resistance line…That’s what tech stocks are doing to me.