Stock Market: another 90% up day
It looks as though today was another 90% up-day. That would make three 90% up-days so far in August -- August 17, August 29 and August 31. Pretty impressive, if not spectacular.
A lot of we old-timers watch the Baltic Dry Index which is an index of dry shipping of such items steel, coal, wheat, etc. The graph shows that world commerce is moving along at great speed. No world recession while the Baltic is hitting new highs.
Market is becoming overbought, and it will be interesting to see how much backing-off we see on the next decline.
All the major stock averages are now graded bullish. The bull is pawing the ground and snorting. Make sure you get out of his way. If you have any shorts, get the heck out of them first thing Tuesday morning. This is not a shorters market.
posted by Dr. Jeff Lazarus MD at 10:28 PM
1 Comments:
While everything is graded bullish, what does this mean when put in contrast with the hits the market has taken?
Personally, I'd still say it's very bearish - a sideways market - because of the growing uncertainties in the solidity of the packaged bonds market.
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