Freebie on the House: MITA LAB Commentary:
stockmarketbulls.com
Value Line Arithmetic Scores an ALL TIME HIGH!
Stealth Bull Rally Continues!
The Bull Market the Public (And Hedge Funds) Love to Hate
Thursday, 9:00 PM CST
June 16, 2005
Closing Report for Thursday June 16, 2005
This is simply getting out of hand.
I am going to put this picture in the clearest perspective I know how in terms of Market Supply and Demand for Stock. Demand = BUYING POWER; Supply = SELLING PRESSURE
PURE PRICE ACTION
As of tonight's close, NYSE Short Term Buying Power Index scored a New 4 Year High Reading to 92. We are on the verge of taking out the May 21, 2001 high reading of 98 in this demand measurement. We also tagged 98 once in May 1999. The last time we closed above 100 was on January 22, 1997. I AM SCREAMING FROM THE MOUNTAINTOPS that WE HAVE THE POSSIBILITY TO TAKE THIS LEVEL OUT WITHIN THE NEXT 4 TRADING DAYS!
DO NOT FIGHT THIS UPSIDE IMMINENT MELT-UP POTENTIAL.
Pure Buying Power is within 7 Points of its 2004 High set on November 24, 2004
Pure Selling Pressure is within 3 points of its 2005 LOWS and within 26 points of its 2004 Lows set on November 26.
When there is NO SELLING PRESSURE and INCREASING BUYING POWER, you have no chance in hell of a market sell-off let alone market crash that the die hard Bears are looking (hoping) for.
The SPX 21 Day Moving Average is now SPX 1,197.38. We closed at SPX 1,210.93. The Upper Bollinger Band is set at SPX 1,233.30. So I would say any imminent Melt-Up in the SPX would take us to about SPX 1,245 - 1,250 before pulling back to SPX 1,228 - 1,225 area. Then Back Up.
NYSE FAST Stochastics 81.33 in Power Thrust above SLOW Stochastics 74.26. Bullish!
NYSE % of Stock Above their respective 10 Day MA @ 76.89. Still much room for upside potential.
Let's take a look at some of the indices:
MID - ALL TIME HIGH
VAY - ALL TIME HIGH
SML - Within 1 Point of ALL TIME HIGH
RUT - Within 1 Point of 2005 High; Within 10 Points of 2004 High and ALL TIME HIGH
VLIC - Within 3 points of 2005 High; Within 5 Points of 2004 High; Within 6 Points of 4 Year High
SPX - Within 15 Points of 2005 High and 4 Year High
RLX - Within 12 Points of ALL TIME HIGH
UTIL - Just Registered NEW 4 YEAR HIGH
BTK - Within 3 Points of 2005 High and 16 Month High;
DWC - Within 45 Points of 2005 High AND 49 Month HIGH
It is now HIGH TIME the NDX, COMP, DOW and SOX play catch-up to this broad based rally!
If we pullback into the mini-cycle turn next week first, then July will be a barnburner!
JT Ploch
Market Strategist
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