Today was the first inside day I've seen in a long time on the S&P. Today finished as a doji and was really the first sign of indecision this market has had in a while. The volume is not on the bulls' side right now. We are going higher but volume keeps decreasing. The sign that I'm looking for is a break down or break higher of the $tnx from this symetrical wedge that it's been stuck in for a couple months. Once that is resolved one way or the other (At TalkingTechnicals.com we beleive it will be resolved to the downside by Monday or Tuesday = bearish) we'll be able to lean more heavily on the side that it breaks. So... overall sentiment is bearish but Price is #1 and we've made plenty of money long in this rally. Brad TalkingTechnicals.com
gold looked wrong last week.. Love to be in it long, but the action is like bearish, from this viewpoint, if theres deflation in gold i don't think theres going to be more rallying in equities,
All commodities are selling off, dollar up and EURO sovereign debt unresolved. The banter from the paid for talking head is buy, buy, buy we're going to 1200 or 1300 at least. This is a melt-up. Too much money sitting on the sidelines and no where to go. Chasing long in nosebleed territory? I'm gonna short this shit hard and soon but as you say wait for the end of the quarter. Itchy finger over and out...
If you can handle a bit of pain, it might behoove you to consider getting in a week before the end of the quarter. That's when the rats will be jumping ship.