We are sending this as a combined OEX and BCO alert as our instructions are similar, and the market tendencies on the OEX and DOW are showing strong characteristics.
1. A Classic 3:1 OEX And Dow Pnf chart show higher highs, almost to the point of frenzy
2. Alternate views show more hesitancy, but strong bullish tendency
3. More and more investments are moving to the "blue chip" stocks, by traders institutionally, and by the hoards of cash Joe the Traders have that bulls believe is just now being invested, "don't want to miss out" and is what will fuel more upside.
4. This is likely. At 10,740 the market hits a 62% retracement from our market bottom, a Fibonnaci top.
5. This has occurred much more quickly than the market itself can believe and it is now possible by Fibonnci chartists to see up to a 38% retracement from these highs.
We see the move to blue chips as a strategic and smart move by institutional investors, shielding in dividends, and more solid balance sheets.
Short term Floyd is bullish to the market. We may see the Fib tops soon. As we see these tops technician Robert Prechter, Elliott, and others believe we have a chance to head back down to March lows. Using Fib patterns Elliott, back in the 30's, found intricate patterns based on the Fib number sequence (in which, after 01 and 1, each number is sum of the previous two: 1,2,3,5,8,13, etc). The Fibonnaci series, like pi, appears frequently in nature.
For the market: Many retailers report earnings today. The Japan markets were closed yesterday for Labor Thanksgiving Day.
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