Could be, but most other "stealth bulls" move had the P/C ratio relatively stable and well above .5, this market has no worry, everything "looks" dandy, crude is down, inflation is dead, gold is perishing, even bonds had a rally today. Too simple...and too "good" to be true. If things were really that good, CCMP should have been above $75 and VECO should have reached $35 by now. Few other canaries are also telling me that someone is painting the stuff to look good, particularly the lack of expansion of new highs and the less than 2 B volume on the Naz for most of this move. look for instance at IRF, it has been topping for a full two weeks. Of course, that could be part of a healthy rotation (some bio like IDPH and IMCL had stellar breakout performance today). The June's lows were at 1973 or so, the double top in the summer was at 2103 or so, thus somewhere between these two numbers, we either start and see volume expansion and new highs expansion, or we should turn back. For such a turn back, 'll be looking at three critical areas, just under 1900 here, the old 1793 ( to 1782) and the very strong support at 1628.
Zeev |
