Hi Paul, one thing I follow close is the Nasdaq AD line, and it's at an inflection point IMO, we're about to bust one way or the other, I'll just follow along.
The SOXX, and other charts are starting to turn over. I would be surprised to see us break to the upside. But, hey, anything goes in a money bubble, hee hee.
Money flow is also starting to turn negative though in tech stocks, check the JNPR chart link, CMF.
In my personal opinion, we just had another bear market rally. There was no good fundamental reason for stocks to go up, other than the dream of a rebound end of year and Greenie flooding the system with liquidity.
I can't ignor the bad news, no matter how much liquidity is out there.
Energy costs are a problem, along with negative savings, high consumer debt, increasing unemployment, high valuations and P/E's, squeezing profit margins, no visibility.
But, like Art Cashin said, if enough people believe, we have a Peter Pan rally.
When the crap stocks start running, it's usually a sign of a short term top.
Maybe we'll go down after the Fed, retest the lows, then bounce again for the summer, it could happen. My gut feeling is, we're going down right after the Fed.
You have to do what you think is right.
IMO, the time will come soon, when people see the real light.
All in my opinion.
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