The NYSE new highs and lows, hit an extreme postion today. I find it hard to believe it can keep up this pace without at less a near-term correction, but today seemed to be about extremes from the get-go.
After the Bell-The SPX moved up to resistance this morning, consolidated for a while, before pushing higher, hopefully making a blow-over top. If the market continues to rally, rethinking the short term count will be required. No need to repeat all the news todays, besides the Dollar and the VIX both making new lows, while Gold made a new high, and there was something about 10,000, but I developed brain freeze on that (thanks CNBC).
Issues ended the day at 2.97:1, advancers over decliners, on increasing volume.
Binve has a new post on his blog, and the title alone makes it well-worth reading:
Man SPX, Your Brea(d)th Stinks!
As the SPX opened gap up, to a new high, the VIX also made a new low, there is some support coming in the way of a trendline.
EDIT: After I posted the VIX chart, that trendline was broke, and quickly recaptured.
The Fan on your 6 month chart is fascinating. If there is method in all the madness you'll find it Col!...:-)
ReplyDelete-pat.
NIce work Col, if it doesn't sell off next week, I'm going to be taking some time off!
ReplyDeleteAlpha, please save me a seat ;)
ReplyDeletePat, I hope that time comes soon, my shorts are getting painful!!
Hi Michael, nice catch and charting on the NYSE extreme there. That has appeared to have marked tops in the past. I feel like we're in a "blowoff top" right now that will trap the bulls, and weed out the weaker bears. With that said, I'm almost certain great earnings will be reported in the coming weeks, so I think at least in the short term we have higher levels to achieve.
ReplyDeleteGood post man!