Bullish sentiment, as I measure it, is off the charts tonight in a fashion it hasn 't shown since December 2004 and the first quarter of 2005. There are eight measurements I take and keep by hand daily. The five day 2CS which I show from time to time on charts is heading back to the extremes of several weeks ago. All of the one day readings of the others are in sell territory as well.
As I always wish to underline and make clear, these are not timing devices. They are more like a weather storm report. They suggest you wear a raincoat instead of shorts and a t-shirt. The storm could blow over or be later than expected, but beware those clouds on the horizon.
The big boys like to unload inventory into bullish enthusiasm, so they sometimes take a while to get it done. Besides the timerlines for this week, some work from another and honored source suggests the end of this week could be vulnerable.
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