Nav, what you're noting is what II has been saying for weeks and weeks.
The problem, until now, is that while the "goo-roos" have been talking Bullish, nobody has actually been buying. The small hedge funds have been shorting it all the way up. Joe 6P has ignored it.
Now, however, we're getting some money committed and even the amateurs at Rydex are starting to get long.
So, a major top? I doubt it, but you've noted that we've got a great shot at another "surprise" shellacking.
Mark
No, I am not calling for a major long term top here at all . I am just thinking, we are close to making an IT top here. I won't even rule out another shot at new highs either.
