But dangerously complacent, precluding an immediate rise are the CBOE Equity put/call ratio at 61, and the Inv.Intell. Bull/Bears spread still widening at 56.2 vs. 21.9. Similarly, the Mkt Vane Bulls hit 70 for the first time in a while, as the AAII surveys also recorded dreaded complacency at 19 Bears with Bulls at 49.5.
For what it's worth, the Univ. of Michigan Confidence survey shot up nearly 10% to 88.7 - Ah! Christmas... The Rydex Funds Nova/Ursa is relatively high at 23, the same topping level reached last late July which ended the Spring Rally. Further danger is seen by the Bullish per cent Pt.& Fig. chart breaking 70 - the % of stocks on a Buy signal. Still not topped out, but flying the yellow flag.
The final Bearish nail is the ISEE call/put ratio, over the Bearish level of 200 at 211 ( remaining at 213 on Monday, the 12th). Finally, Barron's reports that with a large number of corporate Insiders selling, the most vulnerable is the Retail group with 6 to 10 times normal - shoppers! let's get out there and spend!!!
With record numbers of dollars coming out of Money Market Funds, mostly into the crowded trade of short term bonds, anyone who has a minimal knowledge of covered call options and/or an interest in hedging stock market exposure might want to check out: brentleonard.com for an alternative strategy that is low-risk as well as highly rewarding. For those of you wanting more details and actual trading results, a new book is available for $14.95 at Amazon.com: Zero (IN)Tolerance
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