SELL SIGNALS AND SCALING OUT-
So everyone is all excited about the markets again as the DJIA blasts off 92 points higher and the NAZ, the big winner on the day lifts 41 points. Market internals did confirm as they close with 3,100 more winning stocks than losers.
Sector winners include the Small caps, Techs, Biotechs, Semis, Retailers, Defense, Cyclicals and Drugs so just about everything except the metals and the oils flatlined.
The problem is we are overbought again on an advance/decline basis and the Volatility indexes have been crushed and they are screaming sell as the duo (VIX/VXO) trade way below their 10 day SMA's.
Buy programs started in the morning and kept going all day long as the TICK continuously hit the 1,200 and higher number so maybe there was lots of money coming in for the beginning of the month in spite of all the new bearish sentiment.
One has to wonder when Maria, Bob, Mark and the gang begin to ask the question again - Will the DJIA make a new all time high today? And how about Cramer with a new soft landing theory?
posted by DAVID at
4:17 PM
5 Comments:
One more reason to sell. The Michael Kahn contrarian signal.
http://online.barrons.com/article/SB114917605479468732.html?mod=9_0001_b_online_exclusives_left
I like his analytics; He tends to get the story correct and the timing wrong fairly consistently.
Jack M.
Seems like "everyone" is watching that SP500 1290 level.
Well, perhaps Michael Kahn got it right; the volume is light enough;
If 1290 is taken out seems like 1300 is an easy stones throw. 1280 cut thru like warm butter.
I'm not sure I like the quick moves. No resistance up,perhaps no support down.
Jack M.
I say briefly: Best! Useful information. Good job guys.
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Hallo I absolutely adore your site. You have beautiful graphics I have ever seen.
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