XJO was up another 0.6% - and the RSI hit a nose-bleeding 73.04. (70 is rarely reached.) Can it go higher? Of course it can.
Today was odder than anything Lady Gaga might wear.
Twenty Leaders: up +1.1%. Mid Cap 50: down- 0.7%.
Fifty Leaders: up +0.8%. Advance/Decline Ratio for the 50 Leaders: 0.75:1 (that's bearish).
On a strong day, five SandP Sectors were up, five were down. The five sectors up were: Materials, Energy, Consumer Staples, Telecoms, Utilities. Three out of five were defensives.
Clearly this market was carried up by just a few shares (think BHP, Rio, Woodside). In the middle of the day, BHP denied speculation that it would take-over Woodside. At that stage the market was relatively flat - but that set the market alight - and it was all upside from there. What's really curious about this is - BHP was heading up all day long. As Alice would say, Curiouser and curiouser.
Back to an old theme. For the fourth day in a row, the market spiked in the after-hours auction. What does it mean? Haven't a clue.
All I know is - this market is now in Cloud Cuckoo Land - and that never ends well.
Until tomorrow.
Good luck,
Red
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