Here are the complacency index numbers:
ST Naz CI: Reversal up to 47.3, from Wednesday's 17.9. Buy signal in short term. However, the long-term CI is overbought.
LT Naz CI: Up to 70.2, from Wednesday's 64.19. Keep in mind that this is back in overbought territory. It's moving back up, so it's bullish, but it indicates high complacency. Longer-term, caution is indicated. If both the LT Naz and ST Naz can reach overbought levels at the same time, we'd have an excellent shorting opportunity.
ST S&P CI: Up to 13.7, from Wednesday's 7.7. Reversal back up is a buy signal. Still oversold, too.
LT S&P CI: 53.4, up from 50.19. Moving back up in midrange. Bullish for now.
E-undertow analysis: We're in an Undertow 19. Remember, undertows are seen throughout nature, and undertows move in cycles of 19. This can be easily demonstrated. Count from 1 to any whole number greater than or equal to 19. Invariably, 19 is included. Why is that? Because of the magical properties of the number 19. The Egyptians were not unaware of these properties, and may have crossed the Atlantic in flying machines constructed of only 19 parts. Also consider this: How many petals would ragwort have if it had six too many? The answer is simple: 19.
As Groucho said: "A child of five could understand this. Fetch me a child of five."
He may actually have said "a teenager of 19," but e-wavers may have misquoted him, for their own purposes.
Oh, mutual funds. I almost forgot, Dennis. To regain a sense of excitement in trading, try trading highly volatile tech stocks with high trade rate for a day. I have the perfect scan to find a list of such stocks -- one that looks at volatility and float turnover. Once you've gambled (and lost) an enormous amount of money with such a system, you'll be eager to resume trading stocks with sensible systems. |
