As bullish as the Summers news may be, we are seeing some signs that make us cautious on the markets in the immediate term.
Smoothed NYMO is nearing the top of the range, but may still have room on the upside
The 5 day new high - new low index continues to lag. Can this take out the high from July or will it continue to diverge?
Although there are lingering doubts about the rally, big bullish options bets have been made.
TRIN is screaming that the market is getting short term overheated. The reaction post gap will be telling.
Although this remains a stock pickers market, we need to let things at least cool off before looking for more equity exposure. If we do this, we have a better chance at creating our own luck.
Note: did some editing work to improve readability 9/16/13 3:48pm
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