Here's a big monthly H/S that's setup exactly the same as the XBD on the weekly
stockcharts.com
Our [broker] Wall Street Bullish % is now at 84% and this compares with
previous peaks of 86% in 9/00, 86% in 7/97, 82% in 2/93 and 90% in 1/92. Movements from above 70% in the bullish %
to below 70% are sell signals.
This week we saw buying climaxes in the following brokerage or brokerage related fund.
American Express (AXP0.
Bear, Stearns (BSC), Citigroup (C, E-Trade (ET), Goldman Sachs (GS), Lehman Brothers (LEH), Merrill, Lynch (MER),
Morgan, Stanley (MWD), Prudential Financial (PRU), Raymond James (RJF), I-Shares S&P Global Financials (IXG), IShares
DJ U.S. Financial Sector Index (IYF), Regional Bank Holders (RKH), SPDR Sector Trust Financial (XLF).
... We also saw a record 325 buying climaxes last week. In the past six years there have only been three weeks with more than 200 climaxes. A very high number this week, after 9 of the last 11 weeks have shown over 100 buying climaxes,
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