Helene Meisler writes a daily technical analysis column and TheStreet Top Stocks. For more information, click here. Meisler spent more than a decade on the sell side as a market technician covering institutional accounts at various investment banks in New York City, including Cowen & Co. and Goldman Sachs. In addition she worked at Cargill in Minneapolis where she managed equity money for three years. She received her bachelor's degree in business from Pace University.
Sentiment is complacent, because we're not 'all in,' yet few of us think we can get much downside. Here's what this means for the market.
Lack of new highs and abundance of new lows make task of finding stocks to go long on harder.
The 10-year and 2-year Treasury yield curve is on the verge of hitting a four-month high and no one seems to care, nor do they that the dollar is rising. Blame it on complacency.
As the banks and health care showed, when a group gets whacked with a measured downside target that gets tagged, buying opportunities follow.
But stocks on Nasdaq and NYSE put damper on party with their low number of new highs.
No indicators to support giddiness as breadth improves, small caps join the party, and number of new highs looks pretty small.
Selling isn't too heavy, but neither is buying as markets appear ready to doze off -- looks like a pullback is in order.
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