Long(er) Term Perspective

I still think we are in a bear market rally. Look at the 20 month and 100 week moving averages. Also consider that the 26 week ROC is at one of its highest levels in the past decade. Consider the McClellan Sum Osc (diverging) and the Bullish Percent and Put/Call numbers. Even if you are a bull market convert (and about to be gored in my opinion), you have to be wary of this price level going into the fall. I will try to discuss fundamentals, or lack thereof, in another post...