resumption of the bull market?

[EqtTrdr]

well.. that the point.... which one is correct....?? nobody knows as they both say the opposite outcome

 

[gharghur2]

I just checked I.I.

The reading is now 9.7% the lowest its been since march 2003
Mike Burke has been around a lot longer than the cubes
I trust him

This reading fits perfectly with my alternate more bullish DOW count. It shouldn't be too long before we know which one to count on.

Thanks! interesting chart ...

 

[gharghur2]

Now that we have new intermediate uptrends in all four major indices what's next?
The DOW closed above 11200 and right at that uptrend line that has held it back for two years. That's the only resistance overhead until DOW 11350.
The SPX closed above 1300, it's next resistance level is EW long term pivot 1316.
The NAZ closed above 2300, it's next resistance level is its previous high EW pivot 2333.
And, the NDX closed above 1690, its next resistance level is EW pivot 1709. Volume picked up today as expected: NAZ/SPX both over 2 billion shares.
Short term the market is a bit overbought, but we are still in the first wave up, thus any small pullback from here will immediately lead to new highs for this uptrend.

For you traders, I'm long the NQ at 1647 looking for 1767

 

[gharghur2]

Quote from formikatrading:

Thanks for your input, Tony. I wouldn't be surprised to see just about everything rise next week -- stocks, bonds and precious metals. I think a short-term bottom in bonds is near.

Perfect call!

 

[gharghur2]

This market seems methodical at the moment.
From last fridays lows we have rallied in three mini waves up and todays selling is mini wave 4.
Expecting a slightly lower opening tomorrow to complete mini wave 4, and then a rally to new highs for the advance to complete mini wave five. And, the first major wave up of the advance.
It appears that mini wave 5 should end near or at the EW pivots mentioned yesterday: DOW 11350, SPX 1316, NAZ 2333 and NDX 1709.
By midweek we should have all the sectors aligned for a huge advance. Or, so it appears at this point ...

http://spaces.msn.com/caldaroew/

 

[lynx2004]

Quote from gharghur2:

I just checked I.I.

The reading is now 9.7% the lowest its been since march 2003
Mike Burke has been around a lot longer than the cubes
I trust him

This reading fits perfectly with my alternate more bullish DOW count. It shouldn't be too long before we know which one to count on.

Thanks! interesting chart ...

Isn't I.I. reading based on surveys? (correct me if I'm wrong).

I'd rather give more weight to the chart posted by EqtTrdr which is based on real dollars. Based on that chart, NDX has only one way to go...i.e., Down. (sorry Tony I have to disagree w/ your ultra bullish view!)

 

[gharghur2]

Yes the Investors Intelligence readings is based upon newsletter writer surveys. I used to be part of the survey in fact in the late '80's to early 90's when I published a newsletter.

I'm basing my bullishness on my own technicals. Mike Burke's readings just add a confirming ingredient to the mix.

I noticed another chart today that displayed the recent put/call ratio. I'll post it here in all fairness of opinion.

 

[gharghur2]

Here is yet a different view of the put/call ratio

This displays the typical bearish high in sentiment when the SPX bottomed.

 

[lynx2004]

Quote from gharghur2:

Here is yet a different view of the put/call ratio

This displays the typical bearish high in sentiment when the SPX bottomed.

Wouldn't you interpret these current p/c ratios, bearish for the market?

 

[gharghur2]

According to Market Harmonics chart?
Who has been around for over 20 years.
Not until the reading got above 0.65 %