Up 10 points overnight. Yay China.
China reduced its bank reserve requirement. Everyone's a Keynesian now.
Jon Corzine is starting a hedge fund. Everyone's nuts now.
The dude should be in jail, not out peacocking.
USD strength, EUR & JPY weakness. Back to *normal.*
Still trying for lift off but wrestling with gravity
WTI crude correcting recent gains. NG tremendous gap down, may have broken its nascent up trend (if below 2.545).
Gold back below 1200. Still under the spell (and the tug) of the weekly chart which points lower.
Speaking of weekly charts . . .
This chart plots a two-week moving average of NYSE advancing issues (yellow) against weekly advancers (white). The lower trend line (blue) goes back to 2011. The upper trend lines go back to 2007.
As shown, the lower trend line was broken last week. With the S&P 500 closing price just 1.81% below its all-time high, breadth continues to erode.
This is not a timing tool -- as opposed to tracking intraday A/D readings -- merely another bullshit antidote. I still see higher highs until the wave structure tells me otherwise.
But this simple breadth measure tells me to sell those highs.