posted 8.05 a.m. est
Pre-open Friday 15th January
Thursday’s Value Area was higher and narrower and volume was relatively low. That’s not obviously facilitating trade higher. Pre-open today ES has printed down to test the 1/2Range off Monday’s high at 1138.5 which is minor support.
LT sentiment:
Investors appear to be highly complacent about the prospects for the stock market. The 10 dayma of the Rydex Money Market Assets (investor class) reached the lowest level since the market topped in 2007 and the VIX closed below 18 again this week which it hasn’t done since mid 2008.
Also, this week the Investors Intelligence poll (newletters) recorded the highest percent Bulls since Jan 2008.
ST sentiment:
My version of the Rydex Assets Ratio is at 2.7 which is very high.
The ISEE (equity only) Index came in at 201lifting the 10dy ma to 203 which is the highest level sice late 2007.
