– The Art of the rally.
– Stock indices continue their rally to higher highs on another promise of
something good to come.
– Some leaders faded as the NYSE indices broke higher. Rotation or some
leaders falling out.
– Market still has macro negatives as it continues what has been a macro
Their take is the market is toppy, in a nutshell. That doesn’t mean it can’t go up from here, but the last leg up was on lower volume. Also, the Bulls vs. Bears has bulls at 62.7; above 60 for four of the last 6 weeks. This is ‘usually’ indicative of a market top. They point out the sellers have not stepped in, yet. Good luck!
For more, head to: http://www.investmenthouse.com/frblog.php