Not much happened this week ...
The Q's hit an eleven year high, US and Canadian banks are on fire, and the Dow broke upward outside of a threatening bearish wedge.
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| Bears have had little to be happy about lately |
Banks
Canada
US Regional
US Bank Index - Philadelphia
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| Blown away |
The Q's
The Q's ETF (top 100 Nasdaq stocks excluding financials) have been on an incredible run. Even Google's (GOOG) miss this week on earnings barely deterred the underlying strength of the tech sector.
That's the good news.
Now, it may be time for the bears to come out and play.
Many vehicles are threatening, at the very least, temporary tops and while it's never recommended to stand in front of a roaring train, this is probably as good a place as any. We could very well be close to the proverbial, "screeching halt."
Of course, this blog has been counter-attacking the "technical" bears at every opportunity over the past few months. Now, it's probably a good time to sit back and wait to see what the markets have in store for us.
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| Time to pull in the reins? |
The markets need to catch their breath, though it would not be a huge surprise if they continue their march upward.
Always perform your own due diligence. These are only my opinions.
