This pattern is really making me uneasy about having a heavily bullish portfolio. It is also the main reason why I haven’t added any new long positions today at all.
We are also up seven straight weeks. Since the March 2009 bottom (that is as far back as I went), eight straight weeks is unheard of, and any amount of strength the rest of this week would seal an eighth straight week.
As a result I’m not seeing such an edge market-wise that justifies an additional long position. So I am sitting on my hands for now and going to enjoy some turkey tomorrow.
Here’s the SPX chart:
Here’s the SPY chart:
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