Into Thin Air is a best-selling non-fiction book of the 1996 Mt. Everest Disaster written by Jon Krakauer. His book was later made into a movie called Everest which gives a chilling visual account of events that took place on the world's tallest mountain. The phrase "into thin air" refers to the altitude and the lack of oxygen at the summit of Mount Everest. Humans can only stay at the summit of Mount Everest for a brief amount of time before the lack of oxygen will cause them to die.
That is sort of how I feel about the markets right now and this particular rally. The major indices without oxygen (in this case, super bullish news) are going to fail. That is how I feel now, but overriding any emotional feeling I have will be the non-emotional Trade Triangles. At the moment, both the Dow and the S&P 500 are indicating a sidelines position. Only the NASDAQ has both the weekly and monthly Trade Triangles indicating a downtrend. Continue reading "Into Thin Air..."