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TWT wrote:$NDX: It looks toppish
I hope everything is better now for you, Mr. Bachnut. I'll take a ramble like that any day of the week.Mr. BachNut wrote:Neutral.
A personal matter has had me distracted all week. So, Mr. Market has run without me.
I am not inclined to chase this at the moment and need to study things over the weekend.
Some day there will be a down day again... I think.... maybe...
My trend and summation index signals remain steadfastly up.
I have seen a handful of statistics suggesting a probable decline get blown through, which is bullish.
Looking around the web last night, I saw a lot of major top calling going on. Mr. Market will probably play with heads and bank accounts.
Yesterday was fascinating. The Street bought Apple at a big mark down (no surprise) and sold a lot of everything else at a big mark up (at least in the morning). Ka Ching!
That suggests to me that Funds feel compelled to stay fully invested chasing performance, which is bullish.
Barring a game changing event, corrections are likely to be bought and new highs are likely to be bought.
The sharks will not be released until every last $ is back in the pool.
The currency markets are also interesting.
While the $ index (UUP) hasn't been doing much, the $ has actually been rising against several currencies and gold and many commodities (oil being big exception).
The issue with the $ index is that the Euro, which is heavily weighted in the index, is rising faster than the $.
Perhaps we are shifting to a stronger $ = strong equity regime, but I have doubts.
Dr. Copper suggests otherwise. So, technically equity bull goes on but suspicion is warranted.
Sorry for the ramble...