Just to play devil's advocate against all you perma-bulls ;)
I've noticed few interesting similarities between now and the 2007 high, albeit on much smaller scale.
-divergence of the leaders (as represented by DJIA) and masses (SPX). DJIA has made a significant new high SPX has not.
-divergence of US financials from rest of market (BKX has been falling for some time rest of market has had another rally).
-fundamentals of financials measured by indices of mortgage backed securities are falling also (see chart below for example).
The most recent rally had the feel of a pump and dump a bit like a mini-2007.
Just thoughts - I'm not wedded to it.
Just to play devil's advocate against all you perma-bulls ;)I've...
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Last
8,295.1 |
Change
68.800(0.84%) |
Mkt cap ! n/a | |||
| Open | High | Low |
| 8,226.3 | 8,319.4 | 8,226.3 |
| XJO (ASX) Chart |