Yet everyone hedges their bets because underneath it all they know they are playing with ponzi fire. $10,20,30,50,100 Trillion....does it matter anymore that we keep the illusion and pretend that its all normal?'
The scary thing, is that if the final 8 months is one huge ending diagonal, prices will rapidly collapse back toward the July lows.]
[Update 4:51PM: In many ways, somehow I think when Apple is done with its cycle run up that has lasted many years, then this market is "done". There is good solid wave evidence on these 2 charts that is occurring before our eyes. But, like all stocks with momentum nowadays, we need solid technical evidence of a turn down and a loss of major key support.
Sometimes marking such a significant multi-year run up high can be marked in some kind of magazine cover or some other widely-recognized or significant event. Something that says Apple is "on top of the world - and its looking nothing but rosy!" So keep your eyes peeled out.
A breakdown of the breakout move. Again, I am just throwing some markers on the move just in case. It may need much more development. Triangles can produce a thrust though so you never know. Due diligence of course.
We certainly have divergences between indexes and even markets still. Wilshire new high today. SPX and DJIA not. The big story is that the transports made a new intraday and closing high which has now put the onus on the Industrials to follow suit. This is very bearish in DOW theory unless the Industrials can make a new recovery high soon. The DJIA sports a potential shooting star candle today also.
Sentiment is certainly creeping back toward Jan highs in many ways. I'm looking for a red day tomorrow because the Wilshire squiggles seems to support it and technically this market is overbought even on the daily charts and many subindex's and stocks on their weeklies..