At first glance, it looks like this rally rolled today -- Elliott-wise. Still, one *could* validly count the late decline today as the beginning of 4. (This would see today's pop to new highs in tech as the end of a 3.)
All that matters imo is 1900. It is setting up as more than just a round number. When that goes, the trend will be down. As it happens, give or take, this is also the level of the 7th (yes, read it again, the *7th* -g) rate cut.
BTW, when there is nothing better to do, take a look at the big gainers of late. Most of the names are strange to me. Most of the familiar names are just the ones that are the most oversold. Lassie is barking. Geeze, for a good laugh, take a look at today's percentage gainers. There are always many strange names in that list, but I get the sense that people are placing increasingly marginal long bets. This is something sentiment does not measure. One could have a decent sentiment indicator based on how long folks are going on the really speculative trash. RMBS?! Riiiiiiiiiiight |
