Of course there are alternatives. Hey ski, I was the first one to talk about those ED's way back when. But I can't ignore the crazy bullish patterns emerging on the weekly AA, WMT (monthly chart there), HD, and yes IBM. There are many other bullish weeklies as well, like MMM, AMZN, TYC, BAC, and GE as you mentioned but they aren't as clearly "long-term" bullish as much as intermediate-term. In terms of less important stocks I love LDG and hey, what about the weekly OVTI? Yum! I see SBC is flirting with a big weekly wedge breakout too.
Sentiment analysis as always is more art than science but for me it is clearly still bearish based on COT, RYDEX and the fact that all these readings exist AS the SPX makes new highs! My P/C analysis is useless right now as all those dividend plays have put my 10 day EMA of the all exchange P/C way up 2.17, means nothing to me. Near-term I have some very overbought readings on the NYSE TRIN but that is the only evidence I have for any down, and that would likely only be near-term
I continue to see no reason to doubt the trend. And hey, if you wanted to make money short, we all had the chance on FS.-g/ng
I still say we are entering as close to a buy and hold market as we'll see for years. The market as always is free to prove me wrong. |
