Daily RSI on IWM just tagged 70. This is the first day NYA, SPY & IWM all have their RSI's at 70 or higher since April. NDX/QQQQ have outperformed, their RSI's have been over 70 several times recently.
So, do we get a pullback here? Or does the bull mania continue unabated?
Bulls have the ongoing promise of QE2 salvation, and dollar-weakening rumors of currency wars (risk trade ON!), and the expectation of a Repub win (= Wall Street win) in November.
Plunge in the VIX says bulls have ZERO fear.
Bears remain steadfast. Short interest continues at stratospheric levels. Zero Hedge says insider selling versus buying is over 1000 to 1.
