"Pictures Of a Stock Market Mania"

http://www.cross-currents.net/charts.htm

Most recent "free" edition. Tobin's Q discussed near end of essay, very important ratio IMHO.

My best guess, is that we a reaching at VERY least a short term top. Last few rallies during previous months were met with SCEPTICISM by the bears and some bulls as represented by the Put Call Ratio, meaning it was high as a fair amount of puts were bought for downside protection and or speculation. NOT SO this time. LOW VIX again (volatility index) below 14.

I expect more volatility to surround WED FED meeting decision around 2:15 PM. This week is a turn window for markets if STILL active. With no pull back and VERY OVERBOUGHT indicators, I must assume a high would be in place. No guarantees of that because of strength, but some kind of retracement seems due.

This is NOT a market about values, this is about MOMO and hedge funds, about buying because stocks are going up and the idea that will continue.

Weeks end money supply numbers will be interesting. I have pointed out that in recent months they have been declining, not a good sign for economy dead ahead. The numbers for the 2 weeks prior to today were UP about $38 Billion. BUT the 2 weeks prior to that, the money supply was DOWN near $80 Billion!!!

Where else do you read about this? Is why my opinion and site is important IMHO, because it is easy to see things just one way if that is all you are coming into contact with, meaning mainstream media.

Timing can be elusive, but the facts are on my side IMHO.

Well, again, if I wanted to establish some kind of LONG position, should I do it with such overbought conditions?

Duratek