JIM,
The best chance for a pullback on a technical and statistical basis is over the next 5 days. I still do not feel that any pullback will be that large. It may also just take the form of sector rotation correction; therefore to the bottom line it will only be small.
I did not like the way the NAZ set new highs over the last 2 days. Prior to that it was giving nice hints that it was forming a double top.
Well, the most overbought sector is the NAZ and its various indexes (NDX, MSH, XCI, CWX, IIX, EGI). However since it just set new highs, I would be cautious.
I think that I will wait for a sector to get close to oversold and just go long.
I guess what I am saying is that if a pullback does not occur within 5 days, or occur in the form of sector correction, that will be it untill the next cycle in MAY. If it does not occur/start tomorrow the likihood that there will be no major pullback will increase.
Jim, I posted last week that the DRG was a CLASS BUY and it worked nicely, however only seldom has a indix gotten to CLASS BUY status since the rally started. Whenever it gets there, I should just go long.
Seeya |
