There is no momentum or heat behind this SP rally... None... I think the Nas will outperform the SP significantly over the next 3 or 4 months... I hate this market right now... Charts look ok (despite the weak volume) but I am thinking we don't break the yearly highs.... Either way, the downside is much greater than the upside, in ma opinion...
^^^ May not be much mo, volume or heat; but that is secondary to price. Am smaller /long than most of year, higher cash %; but sure dont regret longs.
Price action and price momentum has been very strong over the past few weeks despite the weak volume. Also, investor sentiment was very favorable a few weeks ago for a decent bottom. Still, the market here is very overextended.