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Mike....
Currently the number of stocks over their 200 day moving average is 43%. The
average 5-day put/call ratiois now 84%, the highest since last October when it
was 86%. Consensus Inc. bulls on stocks dropped to 41%, down from 80% in
April. The AAII member bears on stocks has risen to 33%. All these
indicators are not at levels that scream buy me, but they are all damn close.
This says to me that the spring correction is over (or just about) and that a
summer rally is near at hand that could take the major averages to new highs.
I have one caveat....the market leadership has narrowed considerably. Many
stocks have not resumed their major uptrends and have not even challenged last
year's highs. Some pillars supporting this market are showing signs of
stress. We could be in or approaching the last stages of this bull run.
Let's see how this summer goes and then re-evaluate things.
Jerry
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