Ratan,
Right now my MSH puts are getting killed, but with this action the NAZ being up this much the short-term technicals are just so overbought. Mathematically, my short-term technicals cant go any higher basicly, some of them already read 100 on a scale of 0 to 100, before today's figures.
I just read a note on money flow, and it appears that such is having a strong impact in the NAZ today.
With this type of divergence between the DOW and the NAZ, it is giving me the impression that the NAZ may be flat or down tomorrow and the DOW up. If the NAZ does not weaken a bit today (off its highs), I may interpret that this is not even the beginning of the pullback.
I guess what I am saying is that money is just moving back and forth from one sector to another with the sectors still moving up to higher levels. Back and forth, but each time its a certain sectors time to move up its to higher levels.
Originally I indicated double top formation, but it appears that the NAZ just exceeded the recent top, at least on a intraday basis so far.
Unless the NAZ pulls back some or the DOW does not move up tomorrow, then this pullback we are expecting may not have started, even though the DOW is down.
Seeya |
