The Black Box

[wahz]

on the chart it looks like we had the highest volume week since the July/Aug low.

I am worried too. There are some overbought readings on things I follow that are the highest I have ever seen, but only on the daily time frames.

To put prices in perspective, we are right at the lowest closing price in the days after 9/11/01. We Could go MUCH higher on hope, imho 1610-20 is a very obvious target, but then fundamentals must come through. I suspect that they will.

As you know, I am not buying this overcapacity theory. We are up 27% from the lows so far, in case no one has noticed.(Almost no one has.) In 82, capacity didn't tighten up until the market had rallied around 100%.

In any case, we probably will have to work off this st overbought state on the spx if we go any higher. A 3.5% sell off can happen any time on the comp