Ork: Re: " What's going to stop this train?"
I think it is in the natural order of things <g>. Don't know how deep the turn. Might be sloppy and choppy to begin with. The there is options expirations next week. Here are some reasons:
(1) Best days of the month are behind us. Market was like a starving prisoner waiting for fresh meat at the beginning of the month. So, the best days of the month are behind us as far as inflows go. Historically, in the past year, this is where you get tops assuming a bear market and the big white candles are trimmed and sometimes hacked during the remainder of the month.
(2) Donald Sew got Class One Intraday Sell signals on the NDX, SOX, COMP. today with the fresh meat fading for the month. His Dow and SPX were yesterday and those two faded today and so, this suggests his other signals will be valid.
(3) NDX and COMP at resistance levels and overbought with some bad after market news.
(4) Sox train did not find any freight cars. Sox made new local highs but did not create any following. Right now the relative performance of the SOX over the NDX is mind blowing. Fresh BOM meat jumped onto the SOX train to get aboard and got no takers. This is not healthy. Right now, SOX outperfomance of the NDX is at new highs. It suggests a narrow rally.
stockcharts.com[w,a]wallyyay[dc][pb10!b50][vc60][iLl14!La12,26,9]&pref=G
SOX closed near HOD while Nasdaq and NDX did not comparitavely speaking suggesting narrowness.
Sox outside bollinger bands and at least needs to regroup to see if it can get any following:
stockcharts.com[m,a]daclyymy[pc13!d20,2!i!a1875][vc60][iLc20!La12,26,9!Lw25!Lk14!Lf!Ld20!Lg!Lp14,3,3]
(4) SOX is to the Nasdaq what the Dow is to the SPX. DOW made new highs for the moves, but no freight cars in the broader market making new highs. Dow started at turn today it seems and will need to regroup at least to see if it can get any following in the broader averages later on. |
