The Daily Chartist: Lots of Talk, Little Action

The Chartist is hearing a lot about excess in the markets, but says complacency still reigns. Investors just aren't betting on the downside.
Publish date:

Dec. 9, 1999

Sure, there are all the signs of excess in this market. No, wait a minute, the only signs of excess are in the technology names. The rest of the market shows a total lack of interest. Or maybe it's just tax-loss selling.

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message boards. Whatever it is, there is so much chatter about bubbles and excess in the U.S. markets, yet at the same time, a very high level of complacency exists -- as measured by the very low put/call ratio. There is a lot of talk, but little action, as investors are not betting on the downside.

And that's just one of the things that makes me nervous about this market.

New Highs and New Lows

Overbought/Oversold Oscillator

Cumulative Advance/Decline Line

Helene Meisler, based in Singapore, writes a technical analysis column on the U.S. equity markets on Tuesdays and Fridays, and updates her charts daily on Meisler trained at several Wall Street firms, including Goldman Sachs and Cowen, and has worked with the equity trading department at Cargill. At time of publication, she held no positions in any securities mentioned in this column, although holdings can change at any time. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. She appreciates your feedback at