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Non-Tech : The Woodshed -- Ignore unavailable to you. Want to Upgrade?

To: re3 who wrote (16551)	11/12/2004 6:06:31 PM
From: SwampDogg	Respond to of 60908

Some points on the market right here. -Sentiment on CNBS is off the charts, looking for 12000+ etc -Everybody looking for a rally through Xmas -Everybody saying that the market is "breaking out" The reality -Daily RSI, STOCH and MACD extremely overbought -$DOW right at the downtrend line off the ATH -$SPX in the middle of major congestion zone 1170-1190 -$RUT at top of major megaphone pattern, very overbought -FA just isn't that good -Market just not going up that much to warrant such exuberence Sure we can go higher into Xmas but this could be it right in here. Pretty well complete 5 waves up out of 10/04 low that could complete truncated 5th. Should get a pretty good selloff this coming week. Volume will tell if the top is in. This feels a lot like the blowoffs in 2001-02. Could be different this time but probably not.