Replies to post #119446 on Zeev's Turnips Patch-No Politics (ZEEV)

[westpacific]

For the global OTC market as a whole, the aggregate notional amount rose by 11% to $142 trillion.

Thems a lot of derivative contracts...........

[westpacific]

3 year charts all below

DOW - cci, sto, %R, MACD all at extreme levels that have marked every top. Still under the channel marking tops in May 2001 and March 2002 - trend line so there IS ZERO REASON TO CALL THIS A NEW BULL MARKET: TOTAL BULLSHIT! Both tops were marked by extreme surges like what we saw in past few weeks (blowoffs).

SPX - cci (at record highs over 100%!), sto showing signs of turn down (at record highs), RSI (record highs), MACD (as high as early 2000). Breakout occured on trend channel around 890/900 level, key to hold on any pullback.

COMPAQ - CCI (at record highs, over 110%!), STO bearish crossunder this week and record highs, MACD record highs.

KEY INDICATORS IMO

TRAN - massive overbought all indicators, unable to penetrate top trend channel last week (just above the 2500 level), BIG H&S formation developing on this 3 year chart, at levels that have formed reversal on VMA.

UTILITIES - CCI (record overbought), sto (Record overbought and turndown), RSI near all time high. 218 key to hold for bullish trend, below spells big trouble.

[augieboo]

VMA? Wassat?

[Ace Hanlon]

I agree that the rally is due for a correction. Lightened up Friday in anticipation. But do not see a really big drop yet.