The complacency indexes ended the day mixed. The downtrend is still intact in the Naz, it seems, but the S&P is putting up a fight. It reversed to the upside, confusing things all the more. A muddled day, all in all, with low volume.
ST Naz CI: 45.013 54.220
MT Naz CI: 56.626 55.953
LT Naz CI: 68.257 67.928
ST S&P CI: 94.533 81.871
MT S&P CI: 95.371 84.683
LT S&P CI: 77.301 74.035
The S&P CI would seem to indicate that there could be another up day for the S&P, taking it to 100. Then there could either be a breakout to the upside, or a pullback. To my mind, a pullback seems more likely, but what do I know? Basically, everything seems to be at upper channels in the charts, and the fundamentals are awful.
What might take this market out of the doldrums? Well ...
"15:41 ET Earnings Calendar : Major names due to release earnings next week include BEAS, NTAP, SCMR (Tues); AMAT, AETH, (Wed); DELL, HWP, KLIC, A, ADSK, INTU, MRVL (Thurs)."
The Naz CI's are near the midrange now, and I suppose they could reverse course. Your guess is as good as mine.
To summarize: I have absolutely no idea where the market is going. In the daily charts, everything looks overbought, but the Naz and the DJIA could still reach up for the 200 SMA, after having broken through the 50 SMA.
So followers, whether westpacific dines on mahi-mahi or the sharks dine on westpacific remains to be seen. You'll remember that he was suggesting a market decline. I seem to be in the same boat, and it's leaking. Dorsal fins are circling. |
