| Good contrarian points, Bobby B, as always. Actually, looking at the charts this morning, the S&P turned back at a rising resistance line that encompasses its last 4 peaks (1470, 1480, 1489, and now 1497), the Dow is still 200 points from its upper diamond boundary, and as you point out, the put-call ratio is getting awfully low. Also, the Dow and S&P haven't had a really big move since breaking out, and NYSE volume is somewhat anemic for a major breakout. And I haven't broken out my protractor yet, but I'm sure if you drew a diamond on the S&P, the top and bottom boundaries would now be much closer to forming a symmetrical triangle on the right side. Still, the market looks pretty damn good to me. The only problem is, as you point out, everyone's saying the same thing. |
