Attached is the long term chart of the Technology Select Sector SPDR (XLK) US$ 54.77.
As can be seen XLK is trading against the upper long term trendline, an upward channel going back to 2010. Every time XLK traded at the upper line at least a correction started.
We also attached the long term Point & Figure chart, which shows the huge advance since last summer.
There are investors believing that trees can grow higher than airplanes can fly at high altitudes. We don't. This index is at a vertiginous high and most worrisome.
The lights have turned from green to yellow
(amber) and as per traffic lights, the next
colour is red! Reasonable investors must
say goodbye to technology stocks
