Join me at etfmaintrends.com...link on the left of this page under
my name for discussion of the stock market.
You can see posts there in the discussion Forum....link on the upper left of the home
page at etfmaintrends.com.
Monday PM....Looking over my charts this evening I see that almost all indexes and key
ETFs hit resistance today. It seems that the market is running on fumes in some respects
as the internals are still weak. The McClellan Oscillator for the NYSE and the summation
index are still in negative positions. This most recent move does not have a lot of
strength behind it. It is going to take institutional participation to drive the market higher.
That participation will be needed to turn the market internals positive imo. Another big
factor right now is that the most recent sentiment survey from Investors Intelligence came
in at a whopping 43% spread between the bulls and bears. Way to many in the bullish
camp and way to few in the bearish camp. I posted the most recent survey results at
etfmaintrends.com. This level is just not sustainable and it is just a matter of time before
the extreme level of complacency hurts the market. We will get the next survey update
on late Wed or early Thursday. So we have a very strong seasonal period that is helping
the market with the additional benefit of improving economic reports. I think the market
has already priced in a tapering of QE so things look good from that standpoint. This is
offset by weak internals, continuing divergences in indicators and very poor and concerning
sentiment. The trend is still up so the old saying is don't fight the tape but be aware of
the negatives along with the positives is my take and be cognizant of the risk associated
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