BPNDX hit 79, a number not seen since the highs of 2005. We invariably get strong correction at these levels (as you can see on the chart) and lingering this long above 76 is not something bulls should take solace in. Furthermore, we have not had a drop below 55 this year, a very unusual event. I know I have put up this chart several times since we moved above 72, but in my view it just makes the coil even more dangerous. We could go on like this a little longer (AAPL is due on 7/25 and hopes are high), but the fall should be severe when it happens.
This entry was posted
on Sunday, July 22, 2007 at 7/22/2007 02:47:00 PM.
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