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Strategies & Market Trends : Sharck Soup

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To: Sharck who started this subject	5/2/2001 12:10:16 AM
From: velociraptor_	Read Replies (1) of 37746

A repost of mine from another thread..... Simply amazing.....my indicators are pegged at overbought for daily and below in all indexes as the market just continues to defy gravity and push higher. In fact, it's been so long since I have seen such an overbought condition that I don't remember when the last time was. If it continues any higher, even the weekly indicators will be pegged at 100% overbought as they are almost there now. Any further upside and the counts by EW also turn primarily bullish. And all this in the face of the following.... Consumer credit and debt is at record levels. Corporate credit and debt is at record levels. Savings rate is solidly negative. Job lay-offs are increasing to a record level pace and already number over 350,000 just in the last few months. P/E's are once again approaching stratospheric levels due to rising stock prices and falling earnings. In fact, cumulative Nasdaq P/E is now near the same levels as when the index was at 5000. Over 317 Nasdaq stocks alone have lost over 80% of their value with many on the verge of going out of business, bankrupt, etc. The rise in jobless claims is at an 8 year high. Help wanted advertising is at lows not seen since 1993. Bulk of the 2% GDP growth came from an improvement in the trade deficit. Actual number minus this...0.4% and this was based on no inflation. Using government inflation numbers it was actually -0.1%. FED has reduced interest rates a full 2% in 4 months and is pumping liquidity into the market in record amounts. Bond market is tanking in response. I could go on.... What the hell is going on underneath? Is this the sign of a stable market ready to look for new highs?

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