Hoof or Paw?

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In this agonizingly absurd up/down/up/down market we find ourselves confronting, I thought I would join in the fun by presenting a set of six bullish charts and six bearish charts (all of them of broad indexes), just to illustrate the quagmire. Out of respect for our overlords, I'll start with the bullish sextet.

First is the Dow Composite, which, yet again, reached Its Highest Point In the History of the Universe. (Otherwise known as a 15 Billion Year High).

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The miners, by way of gold bug index $HUI, is by no means bullishly configured, but it seems prone to a bounce, which would help our bullish friends.

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The S&P 100 is nowhere near a 15 Billion Year High, but it has cut above long-standing resistance represented by the red descending line.

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The Russell at (groan) a lifetime high; the thing about highs is that, by definition, they have no overhead resistance. Theoretically, all buyers are in the green, and that just eggs them on.

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Dow Transportation Index is (here, let me repeat myself) at a Lifetime High; the ascent over the past few weeks has been as close to a vertical line as possible.

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Finally, the Euro is positioned for a push to well above 1.40, which would add gasoline to the blazing bullish bonfire.

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OK, now for the beleaguered bears, a dwindling group of which I am an occasionally proud member. The Australian Dollar is desperately in need of a retracement here.

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The NASDAQ Composite, in spite of Apple's hearty strength today, is beneath a severely broken long-term trendline.

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Also in high-tech land, the semiconductor index is mashed up against resistance.

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Although the Dow Utilities has been a little stronger than I would have liked to see, it is terribly vulnerable to a slip, including a break of some major support.

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Financials have been ungodly strong the past few months, but the broker/dealer index is approaching a staggering amount of overhead supply.

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Lastly, the most convincing bearish chart of all remains the S&P 500, with its lovely Fibonacci Fan Lines. As some of you know, this pattern spans back to the Herbert Hoover administration, and the lines have been dazzingly powerful as support and resistance.

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And, with that, I shall bid you a good evening, encouraging ad-clickaroos. By the way, the Charles Schwab ad leads to a File Not Found page, but the ad network is well aware of this. As your former girlfriend told you once: it's not you; it's me.

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