Jurgen: yep, lots of folks helping to rebuild the crumbled wall of worry. MDA is still perceived as a bear thread imo. Looking at the last 24 hours posting activity, i'd say a nice rally is in the cards
LOL...well this thread has been called that several times. Actually this may be the last reply I make to one of these. I think few would disagree that the Indexes have been overvalued for some time. At these levels it is hard to make a bullish case other than to say the Indexes are going up because the glamour stocks continue to be bought. I suspect the advent and proliferation of Index Funds has greatly contributed to the overvaluation of these glamour stocks for the last few years. This last rally launched off the Oct 98 low has been a real life greater fool theory in progress.
Now I am not calling those that have made money in this run up fools, as I would be calling myself one as well. But most of the folks that populate MDA know the "real" underlying fundamentals and technical internals do not support today's Indexes and glamour stocks valuations. However, it has not been prudent to one's portfolio to ignore this mania, but it is equally unwise to ignore that the air at these levels is having trouble giving lift to the wings holding the Indexes up.
Will the Market head for a new high I don't think any time soon, but of course I could be wrong...<gg> Will the Market have "BuyTheDip" rallies, you bet!
To All: As stated in an earlier post, I am taking care of some unexpected personal business this weekend, so I will post little if any this weekend and I do not have time to do a Road Kill update. However, I did take the time to put together one more chart. Since SI has been down most of the day, seems I am not missing much this weekend, so far!
My QChart - VGY (Value Line Geometric Index) Daily Semi-Log Chart
homestead.com
I hope some find this chart worth the effort...
Regards,
LG |
