Bobby,
>>>>>>> People are putting their money where their mouth is and calling Dow 10,000 a lock -g- Add in a feeding frenzy on BAMM BAMM -g-
and divergenges in breadth - non confirmations in transports, banks, russell 2000, earnings warning season, we have the makings of some sort of top. <<<<<<<<<
Frankly, I am surprised at the bullishness of those I speak to, since it appears to be even more bullish than in the spring and early summer. Many of those who did not get out in JULY in the 9300 range, are now even more reluctant to sell. They appear to be even more bullish and less willing to talk reason now than back in JULY. Most of them say that EVERY BIT of BAD NEWS is incorporated into the market, and that since the FEDs is so powerful and will not let the economy fail the market is going straight up. I have notice their strong confidence that the market will continue much higher to the 10000-12000 range, which is far stronger than their confidence in JULY.
This has to be extreme bullishness.
I agree with you that statistically, extreme bullishness, non-confirmation of transports, rut, etc, and lack of confirming relative strength in the market internal (as you mention divergence in breath) are developing an environment of some sort of TOP.
seeya
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