As global markets continue to surprise investors and traders alike, what is now happening is absolutely stunning. In fact, we haven’t seen this in more than 100 years.
By Peter Boockvar, author of the Boock Report
January 17 (King World News) – Here is what Peter Boockvar wrote as the world awaits the next round of monetary madness: Putting aside one’s opinion on the market, here are some stats that we can all agree reflect an extraordinarily stretched situation this morning that was a precursor to the breather we are seeing…
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Peter Boockvar continues: I had to go back to early 1971 to see the daily 14 day Relative Strength Index this high in the SPX. On the DJIA, go back to 1955. For the monthly RSI in the DJIA, never in more than 100 years of history was it higher at this morning’s high (see remarkable chart below).
We haven’t seen this in more than 100 years!
Also, the Daily Sentiment Index in the NASDAQ 100 this morning was 96% which means there was just 4% bears. That is an all time high in the history of DSI which began in February 2000. The March 2000 high was 92%.
Bottom line, only a few times in history has the stock market been this overbought and we know from a variety of sentiment indicators how euphoric the environment as gotten.
Also, here is a powerful KWN audio interview with Bill Fleckenstein discussing the gold and silver markets and much more and you can listen to by CLICKING HERE OR ON THE IMAGE BELOW.
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