9:15 AM - I am not real sure of what will happen here. Most classic oscillators say we are well overbought, but the market has hung in there and pushed against it's resistance for 5 days. Meanwhile the 20 day EMA has been rising steadily, so a pullback will have less to travel than a week ago. In short, it looks like there is less danger today than a week ago. The VIX is still scary low and does not offer much fuel to the bulls. RSI is 65 and once it hits 70, expect a 6 week pullback. Money flowing into the system is as high as it was since Sept 2007 according to Marc Chaikin. I think the market will likely rally until near the debt ceiling fiasco and then plummet some if not a lot. I suspect until then, the bulls want to get as much as they can out of the market.

NYMO is at a healthy level and CPCE is just short of it's top BB indicating the bears will have to cover shorts. It's not real growth, but up is up and if you want to play it, just be nimble. The main thing that worries me this morning is how high up the market is. E-mini futures are .60% before opening bell at 9:04 AM. That usually will be a gap fill, but again with the put to call ratio where it is, who knows.

There will be money to be made here for aggressive traders, but if you are patient there will be safer money later on. 

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