GS - Broke higher from its recent highs
AAPL - didn't do much on Steve Jobs showing up - closed in red on good tape on high vol.
UNG - closed negative
IYT - Closed at a new high
$VIX - still didnt make a new low (shows positive divergence)
Metals - Weak on good tape
and on and on.... some show breakouts and some show weak technicals... Bull or Bear? I can't make my mind now.. Am still steering towards bearish since the uber-bear blogs are also turning bullish (atleast they think that we are headed to see 1070 or 1100 on SP500). Besides, the market is still way tooo overbought for soo long that any pullback is not only likely all of sudden but it will also be healthy! The dollar seems to be stabilizing, $vix is behaving as if we are going to see a spike up...besides the Volume overall is still low... So, fireworks are coming for sure and I am tired of waiting... :). Today's close is crucial and will tell us a bit more about if we are indeed heading for 1100 on S&P500 or if we break below to test the 200EMA, i.e., 957!
Pankaj
EDIT: 10:20AM - Thursday: The way the market is acting, it seems that it may just go higher... I mean I don't see what can break this market down now... the consumer sentiment tomorrow? Well, we all know that consumer sentiment will be just fine and this market goes higher regardless of whether the news is negative or positive... so its all good.. Just buy stocks, will ya? ... Yayyy!!!!!
EDIT: 10:20AM - Thursday: The way the market is acting, it seems that it may just go higher... I mean I don't see what can break this market down now... the consumer sentiment tomorrow? Well, we all know that consumer sentiment will be just fine and this market goes higher regardless of whether the news is negative or positive... so its all good.. Just buy stocks, will ya? ... Yayyy!!!!!
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