ot- where is this guy coming from ,,?"there are signs that the stock market is up against short-term resistance and due for a correction/consolidation.
Two "dumb money" measures suggest that the crowd is now joining the bullish institutional camp. Last week, investment advisory sentiment, as measured by Investors Intelligence, turned wildly bullish on the stock market. The number of bearish investment advisors declined to multi-year lows (20.9 percent).
The CBOE Equity put/call ratio declined to market-topping levels of (.50) or lower on May 27 and 28. What this means is that twice as many calls have been purchased as puts for the past two days. This is the first time in the context of the 20 percent plus March 12 rally that this important put/call ratio has been at topping levels for two sessions in a row.
The stock market should correct, consolidate or "reload" during the course of the next few weeks before moving to new highs in the first half of July.
On a price-basis, this basically constructive picture will remain in tact provided the S&P 500 Cash Index can remain above the (SPX 913) mark.
As Neo learns from the programmer of the Matrix (God-figure), the pattern of humans rising up against the machines but ultimately being defeated has occurred repeatedly throughout history. This seems an appropriate metaphor for the history of the stock market as investors are repeatedly defeated by their own emotions such as greed and fear, recently manifested in the stock market bubble and collapse.
Putting some semi shorts in here. Why not. Nothing wrong with shorting at any point so long as you understand what the markets doing and what its capable of doing and you take the lose and re-evaluate. Never agreed with Zeev in the notion that a market is too exuberrant to short. Heck- you can fail 5 times trying to find a local top and all you need is the 6th one to work..
Great call over the last few months by the way.. Are you going to invite us over when you have your housewarming party for the next mansion youll probably be buying this summer? You have bragging rights on this rally because so far as I can tell, nobody agreed with you and you handed it to folks on a silver platter. (I didnt listen either, but I sure knew when to cover)
What a great year this has been.. Lets get a pullback here sometime this week ago?
Well actually, I'm up a ridiculous 15 cents (better than being down this morning though - GG). As long as NVDA doesn't blow off $27, I'll probably be holding for the next day or two.
Don't you think at least a short term (1-2 days) consolidation is on its way here ? After the morning gap, filled, COMP has been trending sideway at this level. A calm before the storm; the question is 'which way'?
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