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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: russwinter who wrote (17451)12/2/2004 6:25:17 PM
From: mishedlo  Read Replies (1) of 116555
 
Degraaf on the euphoric sentiment
A snip from Minyanville

"While yesterday price action was no doubt accumulative for the broader market, it also created a rare condition where the SPX is now 1 std dev above its 50 day,and volume is 1 std dev above its 65 day average. These situations usually happen out of low points when momentum is strongest (such as the Spring of '03) or at peaks when buying becomes climactic (Dec/Jan of last year). This tends to be far too early to be a useful timing indicator, but it does suggest and support our claim regarding the euphoric nature of sentiment."
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