>>the yields need to come down from 6.25% and even break that 6% to justify a new move.. great move..<<
I am still projecting 6.025 if 6.2 can be taken out as it has some weak support. I seriously doubt we will go below 6.0 other than an intra day spike at the bottom/top in bonds. After that, I have us heading much higher in the Bond closer to 6.5 but that will be weeks away.
You mention PG as a laggard, I guess we use much different systems since I show PG as grossly over valued at these levels. I had MMM as the DOW play last weekend and Banks as of last night. I am a bit disappointed that Transports are not doing better though and the large negative TICK is showing that we have reached such extreme levels of valuation now that even with teh flood of liquidity by the Fed to the tune of 87% annual increases, there still isn't enough money to rally strong like this without selling off smaller issues to get teh cash to pile into the chosen few.
Favors has been saying we are building the 3 peaks and a domed house for months and though I originally didn't believe it, the chart he drew out months in advance is playing out perfectly so far. If this continues, we are going to have a parabolic move inthe DOW like even perma bulls could never imagine, squashing shorts like bugs on a windshield. One that peak is hit, there will be a mild correction, a fib bounce to sucker the last dollars in and then a washout correction that will make '29 look like a bull rally. <ng>
I know you think of me as a gloom and doomer but I am actually fairly level in my trading although cautionary in my posts. I trade more short srecently but have played a few longs as can be seen at my site. My posting of Favors outlook is only because I myself am amazed at how this is tracking so perfectly. This post will be long forgotten by the time it happens as it will take months to play out the rest of the way but when it does, WOW ! I can only pray that I am loaded with puts and that there will still be someone left standing to buy them from me when they go up thousands of percentage points.
Funny for a multi hundred point up day, there are a lot of stocks flat to down and the rally stopped dead in it's tracks. I hope this can climb some more, I want some puts a little bit cheaper for the FOMC pre meeting talk down <ggg>
Good Luck,
Lee |
