We had a possible target of 1275 S&P, or higher. At 1296, the "or" seems to be working out within the parameters of our Momentum Peak Forecaster when the action becomes impetuous – until it burns out. Stocks have been an important feature of the All-One- Market (AOM) phenomenon.
The exceptional bullish sentiment readings are now accompanied by the highest weekly RSIs since last April and in 2007.
It is uncertain how long this can run, but overall speculation has reached a measurable condition that has preceded failure.
(Continued on next post)