LT, Beebs, et all. I would like to make an observation here if I may.
The NYSE Bullish Percent reversal doesn't mean that the market will head up 1000 points in the next week, month, qtr.
Last May 13th, when it reversed down after reaching 72%, it moved into Bear Alert status. Even though the market peaked in July, we all know that the market was being carried by just a few Big stocks.
My analogy for this is like stepping on the brakes when doing 50 mph.
You will skid for a while before you stop.
I feel that this reversal up will have the same reverse effect. As the McClellan Oscillator is reaching a high, I expect a reversal down in the market, also. What will carry it down, and how far, will be determined by all of the externals going on. And, boy, there sure are a lot of those!
But, to be sure, there will still be those stocks that keep going up.
Whether we retest 7400's is left to be seen. But, at least %-wise, we will have less to go down than we had from 9300-7400.
IMHO, Challo |
