Exuberance
Thursday close 16th, very close to new highs as
suggested. The OEX did hit a new ATH today. That makes me think we are getting
O.B. rarely does the OEX lead the SPX.
More highs Friday is a good place to nibble short, but early
next week maybe better.
Murphy Math people say a frame has shifted, I think a phase
has also shifted in the counts. Lows ran later and highs look to be running
later.
With that in mind I will place the next low on Aug 5th -2 TD.
Jerry
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