Double Whammy Slammation Sammy Double SuperBowl Sell Signal!
The NYSE trendline off the April 97 and Jan 98 cycle low was cracked and was re-touched just before Thanksgiving, when everybody was screaming Dow 10,000 by Christmas, we then had a correction that started getting a lot of people bearish into mid December, with H&S pattern in the Dow, then we came back up and cracked thru that trendline in the first week of January (with a super speculative blow-off) and held it only for that week, had record bullish sentiment, that even increased as we traveled thru this consolidation phase, even though most stocks in the averages were underperforming (I guess everybody is in MSFT, GE, IBM etc -g-)
I believe the bearish sentiment on 12/14 is comparable to the sentiment around 6/15/98 and the speculative blast into early January is comparable to the July peak.
The consensus opinion that we will see a higher peak in April, will most likely go the same way of the year end Dow 10,000 consensus around Thanksgiving.
Dennis Rodman is now a Laker, this is the end of the world as we know it -ggggggggg- |
