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I've got to go along with John................
As I see it............................................
1)We have now rotated through every group. The drugs were the only
group left that hadn't moved much and over the past few days finally
came to life. Notice the leader of this entire rally, IBM, has not
budged in 7 seven trading days.
2)The transports can't even go up as oil prices have collapsed.
3) The advance/decline line needs oxygen. Notice that although the
Dow Jones has advanced a few hundred points over the past week, we
have rarely had a day where there were more advancers than decliners.
4)The Tulip (oops...I mean Internet) stocks had huge reversals today.
5)The 5 day trin is below 400 AND the move is showing signs of
exhaustion rather than acceleration.
6)Notice how many tops come within a few days of option expiration?
We are close, but need a big fat reversal day to confirm. Let's watch
for a big intraday move up, followed by a down close OR a day where
the market closes on its high....followed by a day where it closes on
its low.
Tom Stein
comfut@xxxxxxx
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