5 replies to this topic

[Rogerdodger]

Thank you China.

May 28 2007, 03:24 PM
Typically...
I believe there is weakness immediately following Memorial day.
There is often weakness just prior to the six days of strength.
Mike Burk's stats show next week up 2/3 of the time.
So I'm looking to buy early weakness.

But tonight's sentimentrader.com is the highest in a long time.
Do I smell the brakes burning?

[Russ]

Just about off the scale! A pullback perhaps?

[Rogerdodger]

I have only a guess:
Labored gains, pause, hesitation, nominal new highs for the next 5 days of strength.

Could be like the first of February which slowly ground up.
Or could be like the Feb 20st pop to new highs before the plunge..
AAII was only 49% bullish Last week which would seem supportive.
Only early March had readings that low.

Edited by Rogerdodger, 30 May 2007 - 07:32 PM.

[Russ]

Barry Rosen of Fortucast Finacial Timer is looking for a possible final top around June 4-6 in line with what you are talking about. Then down into late Oct. and the Major Low due in April 2008 according to him.

Edited by Russ, 30 May 2007 - 07:33 PM.

[Rogerdodger]

Ye Haw!

Dow, S&P 500 and Russell 2000 end at record highs, Nasdaq at new 6-year high as investors hail Fed minutes, shake off worries about Chinese stocks.

NEW YORK (CNNMoney.com) -- Stocks rallied Wednesday, with the Dow industrials and the S&P 500 closing at new all-time highs, as investors found momentum at the end of a tumultuous session on Wall Street.

The Dow Jones industrial average (up 111.74 to 13,633.08, Charts) gained 0.8 percent and closed at a record high at 13,633.08; the blue-chip average also hit a new intraday record of 13,636.09 shortly before the close.

The broader S&P 500 index (up 12.12 to 1,530.23, Charts) added 0.8 percent and closed at an all-time high at 1,530.23, taking out its previous closing high of 1,527.46 from March 24, 2000. That level would prove to be the top of the bull market sparked by the late 1990s tech rally.

The Nasdaq composite (up 20.53 to 2,592.59, Charts) gained 0.8 percent and closed at a fresh 6-year high.

The Russell 2000 (up 5.82 to 843.35, Charts) small-cap index gained 0.7 percent and ended at an all-time high of 843.35.

Edited by Rogerdodger, 30 May 2007 - 08:26 PM.

[calmcookie]