Thursday Wrap



SPX is right at the top of the channel (white line). It will be interesting to see if it pulls back and takes a little rest or rips to even  more new highs.

We can chalk up today as a solid consolidation day for the bulls. Healthy action. Please note though, that the put/call ratio is almost at unforeseen levels, meaning there is pretty much zero fear with complacency at liquid Valium levels.

This doesn’t  necessarily mean a big correction is coming, we’ have seen readings like this in the past and they have stayed that way for months to come. I am just trying to keep you aware of things.  Frankly I like the action and things do look pretty good.  Just remember that corrections happen quickly, and when you least expect it.  I get paid to worry I guess.

Let’s have a  great Friday.

Previous Post
Wednesday Market Wrap- New Levels To Watch
Next Post
A Thing Of Beauty, But Be Careful Here

Recent Articles