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SPX is right at the top of the channel (white line). It will be interesting to see if it pulls back and takes a little rest or rips to even more new highs.
We can chalk up today as a solid consolidation day for the bulls. Healthy action. Please note though, that the put/call ratio is almost at unforeseen levels, meaning there is pretty much zero fear with complacency at liquid Valium levels.
This doesn’t necessarily mean a big correction is coming, we’ have seen readings like this in the past and they have stayed that way for months to come. I am just trying to keep you aware of things. Frankly I like the action and things do look pretty good. Just remember that corrections happen quickly, and when you least expect it. I get paid to worry I guess.
Let’s have a great Friday.