>>>>>On February 13th 2004, 93% of all NYSE stocks were trading above their 200 day MAs. This was the highest level in 17 years, reflecting a degree of investor optimism that was unprecedented over that time - even at the peak of the Bull Market in 2000. In 1987 and in 1997 the ratio "almost" reached 90%, and on both of those occasions the ratio fell to around 10% or less within a year - reflecting the FACT that intoxication typically gives way to sobriety in a relatively short period. On NOT ONE of the six previous occasions between 1987 and 1998 when peaks above 80% were reached, did the level stay above 80% for more than a couple of months. This most recent occasion is only the second time in 17 years that a new high was reached within months of a previous peak having been reached (the first being in 1997 - when the ratio fell from around 90% to around 70% virtually immediately thereafter)<<<<<
Looks like a possible short. Don't think I'd sell at the open, it was up 8 cents AH.
Check out this possible buy, also note the regular up and down cycles. Chart looks excellent. Funnymentals sound plausible. I fear we could be coming up on a huge downdraft in SM however. Probably best to trade from the short side for awhile. An ebbtide lowers all boats.