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Market Commentary

By Lawrence G. McMillan

The rally that began with an upside gap move on October 14th has turned out to be very strong, and $SPX has now traded at and closed at a new all-time high. The Dow is very close to following suit, but NASDAQ and the Russell 2000 lag behind. More about that later.

There is still a chance that $SPX is merely at the top of a trading range that extends roughly from 4300 to current levels, at 4550. A clear breakout above 4560 or so would dispel that notion.

The equity-only put-call ratios have reversed course over the past week and have generated buy signals. In figures 2 and 3, one can clearly see that they have peaked and are now trending lower...

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