No Ork, we are pretty close to the top, we either had it today or tomorrow in the gap, by afternoon, I believe that a lot of the enthusiasm should die. I have never seen the equity P/C ratio under .5 at the start of a major move. New highs are lower than last week one day wonder ramp, though the Naz is already a solid 25 points higher and other unpleasant divergences, for instance, the outgoing tic on the Naz was 300, but the outgoing trin was 1.30 (could be skewed however due to WCOM very heavy volume in the last hour, not sure about that one, particularly in view of the "non confirm from the NYSE). We really should have had at least a run to a tick of plus 1000 on both the Naz and NYSE to signal change of psychology, we got neither (NYSE was close). I still think that we are near the second spring top here in the 1728/33 area. Maybe be a fake run to 1757? That is more or less the scenario I had for the last two week. I am now at 75% cash, which tell you I really fear the coming Nassacre, you darksider (g).
Zeev |
