Since the $NAMO and $NYMO are very overbought, it is getting close to retrenchment time. I agree there. But, given the levels of the $NASI in particular and the tiny breakout of the $NYSI, I have to wonder if we are turning up for something more significant.
Very tough to read, and most major markets are overbought UNDER resistance. The odds favor down before more up, but you know, we just haven't had any panic from the shorts yet. It seems all too easy right here.
I think the real short may be after some shorts get squeezed. That said, I can just smell some analyst commentary tomorrow. I just don't know if it will be positive or negative. :^))
On another somewhat unrelated subject, could you hazard a guess as to the probability of deflation in the US in the coming 12-24 months. Low, high - etc. Thanks.
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