5 APR 2010, Monday

• Not much has changed...continues to hold a solidly overbought environment on the daily. 
• Too high to buy and too strong to sell.
• Correction...something of note...the chart above shows call vs put buying.  Basically, when you see a high number on the blue line (right side scale) people are buying a lot of calls and thus are very bullish (opposite for bearish).  Black line is SP500 price overlay.  Now compare the option buying extremes to the SP500 price.  Also, note that the last time call buyers were this bullish was OCT 2007.
• Nothing goes up (or down) in a straight line forever.