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Signs of the Times~ Tracking Big Footprints in this Market
It is interesting Senor Carlos Slim Helu, also one of the wealthiest and more successful investors in the world, with a recent net worth of $60 Billion, today denied he is going to buy all of New York Times.
NYT more than quadrupled after he bought it last year.
http://stockcharts.com/charts/gallery.html?s=nyt
While many markets are rather optimistic now, the smart money seems to be taking pains to lighten up.
We may be near or past the point of maximum optimism Sir John Templeton used to make his best buys and sells. Time, price and volume will tell.
Another sign of extreme optimism today was a peak reading of 209% in the ISE Call to Put Volume Ratio for all equities 20 minutes after the market opened. In other words, there were more than twice as many calls bought as puts bought.
Recall most of the time option buyers do not profit, so this may be a contrary indicator.
Investors were the most ebullient today, after the weekend full moon and earthquake, that they have been since early January two months ago.
http://www.ise.com/WebForm/viewPage.aspx?categoryId=126&header3=true&menu0=true&link1=true
We noted today’s Call Put peak ratio was lower than the CP peak ratio of 275% in early January that correctly marked the mid January peak in the markets.
While we posted the link above, please note it changes daily.
We make no claim to forecast or predict markets, only noting market spoor in passing.
We think we are closer to market peaks than inflation peaks.
We also note financial and technology stocks, normally market leaders, did not do well today, with a few exceptions like Qualcomm, which raised its dividend 11.8%, an unusual move for a high tech company.
