This morning, I woke up to a smelly puddle of leaking orchid fertiliser courtesy of Amazon.com. Unfortunately, the organic stuff comprised a curious combination of kelp and fish. You can imagine how fun it was to clean up. Even after setting off the smoke alarm, steaming everything at least four times, and using half a bottle of Method Lemon & Ginger Squirt & Mop, I can still smell it. I fear one of these days, the greedy bulls that haven't already taken profits will wake up to a similarly fishy situation.
This potential SPY market top appears just as fishy - particularly the Volume Accumulation on the 10-day 15-minute chart, which is completely - and I mean completely - flat. Who's to say a bunch of Happy Shiny High Frequency Traders (HSHFTs) aren't the ones driving the market up with the same puddle of money over and over and over again? Volume Accumulation is good evidence this may be occurring and clearly, the same money is fluffing up the market.
Of course, this is coming from someone who purchased UVXY -42% ago, VXX -23% ago, and TVIX -24% ago.
And still no 5-10% correction... I'm not proud, but when it happens, we're talking a move down to SPY 151.73 at the least and perhaps 143.75 if things get really Bwahaha... This could take out the guys who bought in November and December 2012!
-0.74% SBA
+1.25% Roth IRA (It pays to be SLT-ty... SLT +7.43% today)
+0.14% DJIA
+0.66% Nasdaq
+0.25% S&P
-0.43% FTSE
-0.19% Eurofirst
-0.17% Nikkei
-0.97% Shanghai
+0.60% SENSEX
-1.61% WTI
-2.03% Brent
+0.63% Gold
-1.19% Copper
0.00% Corn
+0.54% EUR/USD
+0.45% DJT
-0.80% VIX
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