This surely part of the picture, but look for instance at the NYSE most actives, 4 of 5 are down, in real rallies, all would be up, I already mentioned other divergences and problems with this run, sure they brought the prices high, but as Ney liked to say, they raise prices when they want to sell you thier inventory, and frankly I think by now they may be out of inventory since the bottom yesterday had none of the panic elements associated with good bottoms. Just another run as we had from mid February, it will not end up "well", IMTO. All we had as a buy signal was the reaching of the 7490 and 1260 on the Dow and Naz (and even breaching these a little), that was enough for a mild buying spree (which I engaged in, even though "timidly") both yesterday and today, but I left the "boat", once we got around my initial target in the 1305/15 area. Now I am firmly above 75% cash and ready for the next opportunity to go long. I am not concerned that we are above the 1323/32 area (a strong overhead resistance), I think that like late last month, it will prove to be distributory.
Zeev
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