Crazy Train

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I've drawn a channel representing the NASDAQ 100 (which, in spite of a really strong general market today, is relatively weak). As you can see, we remain very much at the high end of this channel.


I've pointed out the huge divergence between the major indexes and their RSI. This holds true for $OEX as well.


Tomorrow is going to be really important. If we fall tomorrow, today may have been nothing more than a retracement. If we push higher, than we're probably looking at the umpteenth time that the bears have had a little hope injected into their system only to have it ripped away. Today's rise can be explained away. Any more rise could not - - we'd have to concede to the bulls yet again.


Capital One (COF) is still a possibility, even though it's holding up far longer than I ever expected.


John Deere (DE) remains at the high end of its channel, and it actually fell a bit today, in spite of a very strong Dow.


HealthNet (HNT) is approaching both its former high as well as the upper range of an upward-sloping trendline.


Interactive Data (IDC) has a rather toppy looking pattern and is worth a look.


Like I said, tomorrow is key. It was a very tough day for the bears today. Let's see if hope gets yanked away or is allowed to linger just a bit more.