IMO it's getting hard to find any bearish sentiment. I just talked to a friend who is the "human fade". Kind of guy who thinks the world's going into a depression-nuclear holocaust any day. Now he thinks we're in an age of global prosperity! In a market that finds GE struggling to stay above $28 with a .76 cent dividend somewhere a shoe is ready to drop.
Of course, in the US, we strive for both sides of the story to be heard equally. As such, the 50% Fibonacci retracement is 1160... and change.
I'm sure if I was wrong, this thread would be inundated with mudslinging. But since I wasn't wrong, not one person can find anything constructive to say. I like the old Romeo better. He would have said, "you don't appreciate quality advice? Well go *&%$ yourself."
LOL...! So far you, Pabst, and Waggie are on the same page. Yeah I know, you and waggie will never be on the same page.... .... but you both said in other words we would trade lower this week. Meanwhile my kids are eating kibbles and bits while you dine on filet mignon.
And what about the VXO (old VIX) being at extreem low values? Humphrey B Neill said it all: Side with the minority - they are normally the ones that are correct. The public (masses) are normally wrong. Studying volume will show you that at this moment it are not the big players pushing the market higher but the small trader. Having said all this - after the second world war they kept on predicting that the boom would not last. However it lasted for 3 years. I believe the same thing happened after the Vietnam war. Mob psychology is unpredictable but the VXO tells you to be alert. just my 5 cents worth
What bull market? According to the Coppock indicator we are only having a correction in a bear market. Study the past and you get a feel for what is waiting. There is a lot of similarity ot the 1920 era. In those days the car and the telephone / telegraph was revolutionising the social structure and shifting where everything was produced. Today we have the internet, container shipping and air travel doing the same on a global scale. The 1930's depression was a result of "new technology coming of age". We could say the same about today. Underlying the US economy is not that strong: There used to be a technological advantage but even that is exported to third world countries (or Russia). Think about the computer industry and even administrative jos being done now in other countries. What is left for the US? Where is the advantage? Just my 5 cents stirring....
The S&P 400 Mid - Cap Index recently hit an ALL TIME new high! If that isn't a BULL MARKET, then I do not know what is!!! In fact, the S&P 400 went from a low of about 380 back in early March of this year to 555 thus far. I believe that is a gain of 68% !!! As far as the VIX or VXO is concerned, you should become a better student of market history. This indicator traded down into the NINE'S in late 1993, and actually stayed in a range of between 9 and 19 for most of 1the period 1992 - 1995.
The chip stocks continue to provide tremendous leadership! AMAT earnings out after the close today. Hard to play pick the top here with so many portfolio managers UNDERPERFORMING. Bonds are starting to look better on the charts as well. The 5-Year auction went well with a 2.27 bid to cover ratio today.