http://www.siliconinvestor.com/readmsg.aspx?msgid=21341554 and look at the sox, 89% of all Sox are above 10 DMA, typically coincident with a local top there. Sure we may attempt a challenge of 2100, but frankly, I think tomorrow morning we probably have a top (assuming no huge delta hedging effect). Right now, since the 200 DMA did not climb above 50% in that same table, I am also assuming that this run is not the real McCoy, and the Sox will challenge recent lows. If the Naz holds on the next retrench above 1940, we are probably not going to see the 1750/1850 by late June. However, even a test of 1940, if it comes, will be quite painful. I have only one short (under water for now), but I may very well use the morning exuberance, if any, to put out few more. I surely plan to reduce some long exposure.
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