John, holy moly, 1980 redux, when there was a mania in alternative power -g-
if you look at XNG, you have five waves down from the 1997 "goldilocks worldwide economy" top to the bottom of the asian crisis, actually energy bottomed in december instead of october like a lot of stuff, now we got a five wave parabolic going and i believe we are topping now in the "new economy" tech revolution.
all this stuff in the news about euro energy crisis is a contrary indicator.
now i don't think this is good news for the markets because i think what will bring the energy costs down is another eco slowdown.
Cramu is finally figuring out this is 1990 and not 1994, eventually the rest of the bulls will figure it out -g-
u got a nikkei/nas match, u got an inverted yield curve match, and u got ur oil crisis, who sezs history don't repeat -g-
none of that around in 1994, nor was the extremes in bullish sentiment, in fact the put/call ratio was hovering at .75 for a large part of the year.
that said the put/call ratios and oversold indicators here are asking for a bounce, in nasdaq.
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