After today’s rally fizzled out we’re left with shooting stars all over the place. I’m seeing a lot of toppy stocks, but not many that I’d consider shorting. It’s pretty much the same picture from last Friday, except that we’re really overbought now. I still like the odds of a dip better than the odds of a rally from this juncture. But earnings will trump the technicals so I’ll continue to tread very lightly, if at all, until many of the earnings reports are released.
Definitely some whipsaw action. It’s almost like flipping the pages of a book that keeps repeating itself. I guess the main point is that despite the whipping around, new highs continue to be made…?
Duru, the fact that we keep making new highs is indeed the bottom line. (The S&P failed to make a new closing high on this trip though). The up-trend has to be respected until it’s broken