Hi Ibexx,
Yeah, I have mixed vibes about the market this coming week... even though I have seen the rag and thrown the bones...
- gag me wi a spoon, but sentiment is over the top???
- most actives are dropping on a weekly basis but made a Monday and Friday level over 50. I don't consider this speculative.
- traders' committments show a move into gold, shorting S&P500.
- Market Watch - mainly bullish advisors... albeit cautious...
My options sentiment figures again cast a warning as they have for the past 6 months...
Summary... I don't think we have heard the "BEEP" yet... maybe the "BEE..."
(odd-lot shorts sales are down again slightly... the last 2 times that happened, the market went up a couple hundred points on the week...)
The only technical evidence I have for a coming pull-back is my MACD signal has gone bearish for several major stocks like GE and DELL (up 5 fold in the past year.) VGY must also keel over like May a year ago.
And here is something I penned out of frustration:
(Sound of piccolo playing Winnie the Pooh fades softly in background)
Dilbert Stocksalesman: "Hi kiddies, got any picks for your Uncle Del?"
Kimie (not her real name. 8 years old and just won class project in stock picking): "Yeah, Uncle Del!"
Dilbert: "And what might that be?"
Michelle (not her real name, 7, and best friend of Kimie's): "She likes GE!"
"And why does she like GE?" asks Uncle Del.
Brandon (Not his real name, 12, and another savvy stock picker): "Because it is so BIG!'
"And it keeps going up and up!" exclaims Trek, another in the stock contest for kids.
"Uncle Del. why can't the DOW go to a million?" asks August, a newcomer to the game.
"Why I guess there isn't any reason at all why it can't, right kids?" suggests Uncle Del
(They all nod their little heads in agreement and murmur ". and the sooner the better.")
Regards,
Bill |
