The Dow made a new, recovery closing high. It was not joined in its optimism by any of the other indexes. SPX? No. RUT? No. NDX? No. SPF? No. TRAN? No.
It will interesting to see how the internal numbers print this evening. I am probably going to wish I had recommended new short levered positions this afternoon by the time 10:30am comes around tomorrow.
I did not see any comments last evening on the non-confirmations from any of the Dow Theory guys.........The EW guys are getting real anxious.. and a couple of the day traders are looking for another small rally, but are generally coming to the conclusion that the TOP is nearly in
As for our Proprietary Momentum Change indicators, they are still signaling the same weakness that generated the Sell signal on 1/20. I am hoping for another confirmation.. it does not look like I will get it tonight, but tomorrow is another day, and another opportunity for a profitable new trade.
Best To Your Trading!
Bill
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