my understanding is that the vle is a non-cap-weighted index of a broad list of stocks, not sure the scope of the list, unlike the spx, it reflects the movement of the broader market,
since the big cap leadership market topped out in march and sept, the market has been lead by small and mid-caps, jim hopkin's tail wagging the dog,
the vle, i believe has put in the third drive from 98 lows, on the greenie 2nd rate flop and the ending move that you were looking for in the spx to 1600
at that top we had 61% bullish advisors (even arch crawford lol & U lol) aaii bears in the teenie's, and rydex bear funds only 9% of the bull/bear fund mix - seen at other tops.
this may be just more of the same, that we saw at the sept. top, when everybody said the fed was done and up, up, and away, except now it's all the don't fight the fed talk, it's up up and away.
new bush slogan "it's the wedge stoopid" -g- (that would be the one on the nyse chart from the 98 high and low -g-
preciouswaves.com
hmmm! |
