S&P500 Makes 6 Straight Positive Days

Despite showing the secret signs of uncertainty and sluggishness that I mentioned in my report for paid subscribers yesterday, the US market continued to close into new highs with the S&P500 leading the way with its 6th positive day and another historical high. Was I wrong? I don't think so...

Even though the market continues to climb higher, the internals today continue to fail to line up in a way a typical truly bullish day should. Bond yields continue to hardly change as investors continue to sit out on this rally while a look at the total equities put call ratio shows a jump in the direction of call options trading. Both of these, with the S&P500 being at historical high and its 6 straight winning day as well as declining volume going into the past few new highs, tells me that this is a short term dangerous area where profit taking is very likely to happen. And given the relatively steep climb since late August out of the last intermediate consolidation, the market do look like its set up and due for yet another period of consolidation similar to what we saw back in June and July.

In fact, me and my Master's Stock Options Picks Subscribers took profit on more of our existing call options positions yesterday in anticipation of some uncertainty soon. And if you have missed this rally so far, this is definitely not the time to jump in newly long. (if you missed out this time round, don't miss it again the next time round! Join me for just $1 now!)

For now, the market remains in all out bull trend.