I don't have time to address each issue..nor do I desire, too....but..an opposite argument could easily be made for each point..or at least some of them...
For example,
"Record levels of inflows into equity funds not seen since
the 2001 summer highs and end of Feb. 2000 (Schwab,
10 days prior to the 2000 highs) are bullish regardless of
their contrarian effect in the past."
I read an article yeseterday that said this was the case back prior to 2000 and it began well before 2000...well before...record levels started before 2000...a couple of years before...
Final legs of bulls have extremes...
Yield curve inversion...same goes for that...I've seen different definitions, etc..and even if we have a recession down the line, we can still run up before that...
Lack of participation...when INTC gets slugged constantly with downgrades and everything else under the sun and it's not making new lows...that's not bearish to me...
When I look at the Comp to NDX ratio on stockcharts..it appears to me that it's the COMP that's not taking the lead...
SMH is holding steady in a few months consolidation...looking ready to lead the NDX back up...
Anyway, that's what makes horseraces...
We could,indeed, have a double top with some backfilling...before another leg up....doubt it, though..
However, I don't think we're going to have a huge correction go 1500 like you are saying...there's too much negativity out there....
Charts are merely a representation of market emotion and are a way of predicting the past for the most part, imo....
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