Market Sense and Sentiment

[RCKS]

Good morning Bernard
Do you believe in the Transports being the Dow leading indicator. This is the 2nd day of the Trannies selling off pretty good and diverging from the Dow yesterday and pulling the Dow today.
This may not prove out ( if I bet on it, it won't for sure) but I think we may have put in a top here. we've broken through some up channels, the NDX bottom line was near 1148 at the open and rising about 4-5 points a day. We sit at 1148 now.

We won't get confirmation today but I think we do Monday. With expiration today, we will probably stay where we are now a range of 20-30 points either way on the Dow (8640-8680) into the close. Maybe near the close we get a bigger move but I doubt it. The QQQ's look to have 28.50 as their target for expiration.
I believe early next week you change your long term forecast to short. JMHO.
steve