Once again, price in the SPY and QQQ moved higher but the internals continue to deteriorate. This continues to give me great concern. We have to respect price development, but we need to do it with a lot of caution until there is some internal strengthening in the Markets. It is obvious the higher weighted stocks are fueling prices. That is unsustainable as more and more stocks within the Indices decline.
I mistakenly started the Briefing with a January 7 date. Please note, it is February 7.