A Brief Second Wind

Thank you Larry Summers, for helping to extend the rally. It has been enough to penetrate the resistance that we had been postulating might produce the right shoulder, and instead it brings up the possibility of more of a triple top. But regardless of the terminology, the market has had a rapid advance off the cycle low, very much as expected, but is now looking overdone on a short-term basis. 

As we see on the second chart, below, the 10-day Arms Index is at the most overbought level in many months. Also, it was apparent that the early gain in the averages on Monday had no later follow-through....309 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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