In tonight's Short-Term Update from Elliott Wave International, I found this chart of sentiment (used with permission) quite fascinating:
Optimism has returned to the levels seen in late October 2007 when the S&P was well above 1500! Bulls are everywhere! Cramer is actually uttering the phrase "Four Horsemen" again! It's as if November 2007-March 2009 never happened.
My snark-o-meter continues to peg pretty high. Fistfights are breaking out at other blogs. Slope tends to hold the high ground in terms of etiquette and comment decency, although some modest snarks are appearing here and there. And I would remind those who sneer that this is a "bearish blog" that I was quite vocal about being bullish on energy and commodities, which have performed spectacularly. So foo-foo to you.
It appears there are some of you who don't spend every waking hour on Slope, and thus the blog platform change was completely unknown to you. Many of the features to which you grew accustomed on the old blog are gone, but most will be returning. A notable one is the watch list feature, which resembled this:
Rest assured, Slope is going to be better than it ever was. I've performed a few miracles to change platforms and move thousands of old posts over in the span of three days, so just give it some more time.
Finally, keep an eye on the EUR/USD. Its ascent has been driving just about everything higher, and it's reaching an exhaustion level. Once this turns down, you can expect energies and commodites to follow suit.
