INDEX UPDATE
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Sorry but I have to keep this short, since Im in and out for the next few weeks.
The NAZ, SPX, OEX, RUT, XAL, DOT are all CLASS 2 SELLs based on todays highs so far. If there is no selloff later in the day and the indexes closes near the highs then the BUY-IN time fot the SELL will be MON's highs. As I have always mentioned before, concerning my BUY/SELL signals, the reversal could start immediately.
Since they are only CLASS 2's, that implies that the those indexes can still go higher, but the upside is limited. If Monday is an significant up-day, beating todays highs then the CLASS 2 signal will morph into a CLASS 1 signal, with the buy-in time at TUE's highs. Morphing into a CLASS 1 is a common occurance.
For the overall market(main indexes) the readings are in the upper-middle to overbought range with readings in the 75-88 range.
So todays highs are a OK to start to initiate puts, but with a risk of a bit more upside - then again the selloff could start immediately. The short-term top is within 2 days, but could start immediately.
Seeya |
