The Spiders (AMEX: SPY): 5:05 AM NYC time, September 21st: Just a quick update on a couple of things: (1) The market, and (2) Why I haven’t been posting as often as usually and why I won’t be posting very much for the time being. Click through to read more.
1) The market: I only have a few minutes this morning, but I wanted to point out one of the many divergences present as the S&P 500 and other mega-cap indexes approach / surpass 6-month and/or multi-year highs. The divergences range from volume, to rally breadth, to number of stocks making new highs, and more. Just to point out one example, above you see the 6-month SPY chart, with an OBV (On Balance Volume) indicator below the volume bars. Note the divergence, circled in purple. The SPY is making a new high but the OBV is not even close. This same type of divergence is present in many other places, including those mentioned a few sentences ago. Those divergences are a yellow flag. Also it’s important to note that the only indexes near new highs are the mega-caps. Most other indexes are well off their highs. So the mega-caps are giving a false reading of how the average stock is performing. Be aware, and perhaps beware. Cheers!
2) Why I haven’t been posting so much recently and why that is going to continue for an unknown time period: It’s because I am working on a potentially promising entertainment and social networking hub called BuzzPal.com: The World Is Your Party.
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