Cats and dogs are sharing a good laugh together these days and perhaps for good reason. The massive breakout we were all over last week [Buzz & Banter subscription required] triggered with vigor yesterday, and hands over ears, it "works" (through a pure technical lens) toward S&P (INDEXSP:.INX) 1960ish.
While the momentum crowd piles in, with some trying to recover from their fumble-rooski, I'll highlight three charts that throw caution to the upside wind. The first chart is the Russell (INDEXRUSSELL:RUT), which was up a stunning 3% yesterday, as it tickles the top end of the trend line. The second chart is the KBW Bank Index (INDEXSP:BKX), and the third chart is the Dow Jones Transportation Average (INDEXDJX:DJT), neither of which have confirmed the new highs.
Yes, there's something for everyone. That's what makes a market.
Todd Harrison is the founder and Chief Executive Officer of Minyanville. Prior to his current role, Mr. Harrison was President and head trader at a $400 million dollar New York-based hedge fund. Todd welcomes your comments and/or feedback at firstname.lastname@example.org.
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