From Briefing.com: 9:06AM Morgan Stanley increases cash allocation : Morgan Stanley shifts 5% out of both bonds and stocks into cash, which leaves their new asset allocation at 65% stocks, 20% bonds, and 15% cash; firm believes the recent powerful rallies have materially lowered expected returns in stocks and bonds, and they are moving to a broadly neutral equity position from modestly overweight; in addition, although the S&P 500 is now at their year-end target and is about 20% overvalued, they continue to see stocks as offering relatively superior returns in a low-yield world.
9:30AM S&P 500 and Dow levels : -- Technical -- Initial resistance for the S&P 500 is near 1015 with the next resistance of interest in the 1018/1020 area. This marks a chart barrier and the 62% retrace of the Jan/Oct 2002 slump. On the downside the current first level to watch is in the 1009/1007 area. First level of resistance for the Dow is in the 9360/9370 area with subsequent barriers, if follow through develops, at 9413 (July 2002 high) and 9420/9425. Support after a favorable start to the day is in the 9325/9318 area.
9:29AM Nasdaq technical levels : -- Technical -- From current levels, the index faces a pivot point initially in the vicinity of 1677, followed by additional overhead at 1690. To the downside, look for initial support in the range of 1668 to 1670, followed by an additional floor at 1660.
7:32AM Broadcom and Qualcomm collaborate on Bluetooth (BRCM) 26.14: Companies announce a non-binding agreement for a strategic collaboration to jointly develop, promote and market Bluetooth solutions for CDMA mobile phones. This collaboration, when finalized, will extend Qualcomm's complete solution, by providing its customers with streamlined, fully tested Bluetooth integration for 3G CDMA wireless devices. As part of the collaboration, Qualcom's Mobile Station Modem baseband solutions, which include fully integrated Bluetooth baseband technology, will be combined with Broadcom's short-range wireless RF products.
SNDK SanDisk and Sony extend memory stick agreement (36.72)
SanDisk and Sony have signed a cross licensing agreement that expands the scope of their memory stick cooperation with a new cross license agreement. Based on the agreement, SanDisk and Sony will further promote Memory Stick throughout the industry respectively. "We are very pleased to have SanDisk manufacture Memory Stick products to help further expansion of Memory Stick's connected world among a variety of compatible products and meet growing market demand," commented Sony's Corporate EVP.
finance.yahoo.com^SOXX+ALTR+AMAT+AMD+BRCM+INTC+KLAC+LLTC+LSCC+LSI+MOT+MU+MXIM+NSM+NVLS+QCOM+SNDK+TER+TXN+XLNX+^IXIC+^NDX+^SPX+^VIX+^VXN+^STI.N+^STI.O+SMH&d=t
finance.yahoo.com
Kirk...
There are too many bulls based on historical data that would seem to suggest a market correction or pullback should take place to rebalance this situation.
There are too many bulls!
Please don't argue that fact any further. There are too many bulls. There is too much bullish sentiment. Oh sure we could still see even more bullishness. The market could still continue to rise too. I know that too.
But there are too many bulls. There is too much bullish sentiment and I have provided you all the information you need to verify these facts based on historical measurements.
If you want to argue that a market correction or consolidation is not necessary to rebalance the overly bullish sentiment then I will grant you that.
So lets stop beating a dead horse.
RtS |
