(Click image to enlarge)
There's nothing here that even remotely makes me want to make a purchase. These are weekly shots of the main indexes so what do you see?
We rallied up over weeks like crazy madmen, squeezing out weak shorts and even had the heaviest shorted sectors help out with a short covering rally; getting the weekly into 'overbought' levels. We came up right against the long term column trend line resistance, hit overbought levels...........the weekly is rolling over. Another failure. Sorry boys. So much for that.
Certainly day traders and short-term swing traders will make their long plays but who has time for that............and why go against the trend of 'this' market......which is down. That's rhetorical.
- We know the market is stretched on a valuation basis.
- Don't even throw out the strange valuation approaches.
- We know there's no more QE coming out of Washington.
- We know earnings are a disappointment and guidance has for the most part been completely uninspiring.