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To: robert b furman who wrote (5329)	10/18/2017 10:48:12 AM
From: The Ox	1 Recommendation Recommended By robert b furman Read Replies (1) \| Respond to of 8288

I agree, Bob. The most recent strength in the stock market indexes has been impressive. There does seem to be a buy the dip at all costs approach and it's difficult to see how this can continue without at least some sort of reset in the short run. I assume that there will be a "profit taking" phase fairly soon, as the strength in many technical indicators is running on the hot to very hot side of things. I stand by my observation that the markets almost appear to fear any fall and that it must be stopped quickly. The size of the bets against VIX, in particular, seem to imply that too many are moving to one side of the boat and that ...if (and when) there is a move to balance these stances, we may have a potential to tip over. This doesn't have to end poorly and the steam can be let out of the pot without a blowout. I'm not overly concerned about a long overdue correction turning into some extreme bear market and I do think a "breather" would be very healthy. The second chart is more extreme, and UVXY is also saying a temporary break might be near. Looking at the SPY: RSI is very high but can stay high for longer. MACD lines appears to want to roll over and the summation turn negative....in the short run. Both are suggesting that a break/pause is likely: