Ed Hyman of ISI recently noted that his most current poll of institutional equity investors showed the highest bullish readings EVER and the most fully invested positions EVER . Possibly key to overall market confidence. We would expect the NAZ breakout from this formation to be violent, in either direction. We're currently in no man's land. Any move from here to either the top or bottom of the broadening formation would be a big one.
Many technical indicators characterize an overbought market.
Finally, the NYSE AD line has seen some improvement over the last few months. We've seen many a report trumpeting the strength of newfound breadth. We're glad to be back in the saddle.