The complacency indexes confirm everything AJC said today. Well, actually, not quite. They do confirm that she's a member of the complacenti.
ST Naz CI: 96.4, down from 97.8. Reversing, and overbought. Not a strong enough reversal to signal sell/short, but a sell signal could be confirmed soon. Note how it's down even though the Nasdaq was up. The complacent weren't so sure about what they were getting into today, I guess.
LT Naz CI: 88.4, up from 87.1. What can I say? The ST Naz CI is in the high 90s and the LT CI is in the high 80s. Danger is the word. This is a contrary indicator. If there's lots of complacency, chances are that a reversal is in the offing. There's always a slim chance it could mean a breakout to new highs. If you believe that's going to happen, you might consider using tight stops.
ST S&P CI: 37.86, up from 32.1. Trending up, not overbought, bullish.
LT S&P CI: 66.4, up from 63.3. Trending up, not overbought yet, bullish.
Loony phase: 96.1. Overbought. Full moon Saturday. |
