a feathers weight - monday, page-2

Having an unscheduled absence from my office (supporting the medical fraternity) so caught without my charts at such a crucial time. I suggested on Thursday that I thought that the SPX was within days of a top. Now this morning I see that my brilliant Genius Index (naaim)hit 101.45 last week - Figures taken at Wednesday's close. This means that this overpaid lot are now geared long to the market. Just bear in mind that at the October 2011 low they were geared short which was what got me so bullish at that time. Combine that with what looks like the little fifth wave up I was looking for taking place in Friday's New York trading and I think everything has fallen perfectly into place for a correction.

I had suggested that I was only looking for the SPX to retrace its latest smallest upslanting wedge to around 1750 but the degree of optimism built into these Naaim figures makes me think that I might have to adjust this target. There will be time to review this level as trading develops.

I am a bit nervous as these final waves have been so perfect so perhaps I am completely wrong and this buying could continue through to the second week of January when I have some time cycles rolling along. But the market itself needs to prove that to me now and hopefully it won't be too long before I can get back to my charts to get a proper feel for everything.