Rally is running on fumes!

Well another day and another massive divergence between NYSE tick action and price. Whilst we managed a pretty flat session, under the hood cumulative ticks finished at a whopping -120,000. Quite a rare setup in historical terms. CBOE put to call ratios continue to come in extremely low (sub 0.50) which has bearish implications looking out a couple of months. The feeling I get is that when this abnormal resiliency of the market ends, get ready for a very sharp and quick move down. In fact I wouldn't be surprised if we get some sort of a contrived down day (ie sell off 3% on really heavy volume and breadth) soon. I bet you all the retail traders are long right now and we are right at the 61.8% fibbo retracement level on the weekly charts from the 2007 highs so expect some resistance here.