I was always under the impression that Oak is one of the stronger type of hardwood...
I got quote from a tree service to cut down oak tree near house that was twice the price of previous quotes for the maples that I have had cut down before in last 3 years.
I have seen large cars get wrapped around oak trees rather then tree falling down. With maple trees, just coat them with a little ice in winter and the slightest breeze snaps them in half.
Market is making a definite statement closing well above 1015. I am staying with no new long positions and nothing short until I see if we hold 1015.
Shorts could fuel rally higher to levels not seen since 5/02. 1080 keeps coming back as mother of all resistance levels.
I think mainehiker and jdaasoc may be confused. Maples are about as hard as oaks, minimally harder. The exception is silver maple which is about 25% softer than other maple types (vbg).
Zeev, I know that you have found a very low daily equity Put/Call ratio to be associated with major tops. Since there is huge daily variation in Put/Call ratios it may be interesting to look at Put/Call moving averages. Interestingly and paradoxically, the 5-dma of the total CBOE Put/Call Ratio over .9 has a very strong association with short term bullish movement. The 5-dma was .96 at the close last Friday.
That said, the bullish move occured (or is in the process). Other indicators remain worrisome. I am sure you noticed the SOX performance today. I went 100% cash today for the first time in 10 years. Hopefully I'll reenter at discounts. If I don’t get that opportunity, I'll try to be satified with significant longer term gains and make up for the missed opportunity by trading more often.
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