Hi GZ, we made a triple top on the SPX at 983 intraday Monday (10/8, 12/8, 1/5)
I was looking at that inverted head and shoulders on the Dow and S&P and was considering that when the market is looked at in totality, it topped at 10/8 on all indexes, comp, rut, spx, nyse (dow was slightly off at 8150)
I was thinking that if we could looked at a chart of the market in totality we might see a more rounded top H&S with a nice big 10/8 peak. If you look only at the Dow/S&P you do see that stair step up that looks like we are going to new highs and inverted h&s - bwdik
That's why I was asking Chris about some way of charting the whole market - that looking at separate indexes may slant ones view of the real dynamic taking place. The Nasdaq may have equal importance given the trading volume and the interest from traders in a trading bubble.
WDUT?
Got my AAPL indicator today, last time it did this the SPX sold off to 900 -g-, then went to new highs.
Can the market do it again and go to new highs in the face of declining earnings, which are becoming more and more evident?
A ton of money went into bonds on Monday, money that under bull circumstances should have gone into the Dow and at least brought us back up to 8150 or higher.
WDUT?
(I guess my Seinfeld indicator was a leading indicator and not something to time the market on -gggg-)
bb |
