Monday, January 9, 2012

Final Push?

I have a full blown sinus issue today. Bad thing is I think it's a viral cold so maybe not much I can do but treat it the best I can. Eyes are pouring water and my sinuses feel like they will explode any second. As such I cannot concentrate much so just a quick post.

Final Push?
I don't have much to add to last night's post. This rally is getting very extended here. Everything seems very forced here and tired. Short squeezes, while dramatic, are not solid base formers and a name like MSFT running wild is a puzzling sort of thing.

I could be wrong. This could be THE change and it's off to the races for a few months. Like I said, if that is so there will be plenty of time to play.

A reversal at a number as clear as 128.0 for the $SPY may be too easy. I think a low volume push up to about $SPY 129.2-$129.4 will be the near term top should it get there. In chart form:
There were many things going on underneath the surface of the market today that also give me pause here.

Have a good night.


Jennifer Hillier said...

Even though you've been super mean to me lately, I sincerely hope you feel better very soon. It's no fun to punch a sick person.

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Another great take on things.