Sep 9, 2010

Markets did nothing on no volume. Hello!!! Is anybody still alive?

Short-term: 1 green, 1 yellow, 2 red – overbought and looks like a turn down
Intermediate-term: 2 green, 2 yellow – trend-following stuff turning up
Stock targets: 39% swimming, 22% neutral, 40% sinking

I’m gonna go with the short-term indicators here. The move up over the last two weeks has been completely totally dead — and is now getting deader. Markets are overbought and due for profit-taking and I don’t think that a move down is gonna pull money in. There’s nothing on the sidelines. Little value in the markets. Retail investors are getting out. The economy is still not being priced in — and the government is now openly making up data. The move for the last two weeks has been about M&A rumors – but that’s a mug’s game.

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