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The market just doesn't seem to be paying much attention to news of late. Good or bad. Volume is up along with the major averages. In fact, volume on the NYSE closed above its 200-day average for the third straight session. The Dow closed on its high for the year, and finished higher for its eighth consecutive week, closing on its 200-week moving average. The S&P closed at its high of the day and was still tacking on a few points after the bell. It was also a 19-month high for that major index.

Maybe the Eurozone's plunge into the abyss is a factor. That's certainly a story that's just getting worse and promises to continue that path for the foreseeable future. Lot's of liquidity too.

And I don't think this rally is done yet either. Here's the charts:



NAMO and NYMO moved a bit higher today, and appears to be pointing to higher prices.



Both NAHL and NYHL are telling the same story. Money is moving into the market.



TRIN and TRINQ are not saying much of anything at the moment. TRIN is still on a sell, but barely. TRINQ is on a buy and also just barely. Pretty neutral I'd say.



BPCOMPQ just elevated a bit more and that line is getting more vertical. The way this signal looks, I don't think I'd want to be sitting in cash next week.

So we still have 6 of 7 signals on a buy with one signal just barely flashing a sell. These signals continue to look bullish overall and with volume up I'd have to say we're going higher.

I'll be posting Top 15 and Top 50 charts this weekend. See you then.

 

[grandma]

The charts are a nice validation for what is said - thank you.... Helps me to take a breath !

 

[Boghie]

Glad I was too scared (and a bit too angry about the GS fiasco) to bail out.

Yummy...

Still got to watch this thang.

However we have to grow another 28% to reach the 'recent' highs. Even reaching 1554 will not include the growth that is required to take us to the norm.

Recently, the growth has been rather slow and sustainable. No let-up, but we rarely get three digit bumps either...

 

[coolhand]

Glad I was too scared (and a bit too angry about the GS fiasco) to bail out.

Yummy...

Still got to watch this thang.

However we have to grow another 28% to reach the 'recent' highs. Even reaching 1554 will not include the growth that is required to take us to the norm.

Recently, the growth has been rather slow and sustainable. No let-up, but we rarely get three digit bumps either...

The GS story was another excuse to keep folks on the sidelines and to burn the bears. It wasn't a surprise to the big money. Not with the obvious ties between GS and the WH.

Obviously this market is going to turn at some point, but for at least the last couple of months most of the sell signals (including the SS) have been trampled by sideline money wanting in. It appears we have another wave of cash coming in right now too. At least that's how I'm interpreting the charts. If that happens, I think the upside may get silly. But that's when I need to be on my toes the most looking for signs of capitulation. We haven't had it yet. And the market still gets beared up fast when it thinks we've hit a wall (think GS for instance).

Our own Top 50 took about 25% off the table in 2 days after the GS news came out. The big money must be having a field day in this economic environment with all the fallout from the greed and corruption stories that just won't go away. It's a seemingly never-ending supply of fuel for higher prices.

Yeah, I agree with the folks like Bullitt and james that "it ain't right", but that's the way it is. With real estate still reeling from the bubble collapse and so many main street types still hurting from the bear claw we got over a year ago, another bubble has to start forming somewhere. Maybe this is it.