Golden5: Volume: YEAREND ASSESSMENT

We've shown you the distribution in the SPYDER (as a proxy for the S&P500) before X-Mas and figured it would be illustrating to look representatively at the EEM (Emerging Markets ETF) to give you you another perspective of the institutional Money Flows. Emmerging Markets have been the HOT play next to Corporate Bonds (Investment Grade and espescially High Yield) since March, thus we feel strongly about the leading character of this market segment at this juncture.

Also look at this medium term up/tl. Volume 55 Moving Average, which tells a similar story.

A Final Observation....

The one thing you might have noticed, after having read through all YEAREND ASSESSMENTS, is the fact that all markets seem to have topped around AUG-SEP in terms of Investment Flows, Breadth, Sentiment & Momentum. Once you find these spikes the negative divergences (= "weakening of the interals") can start to develop. Each gage and each market is different and operates on its own timescale, meaning these processes need time to develop.

The journey might be differnt for each one but not the destiny....

(unless Mr. Market decides to surprise us with new Spikes...!)

(That all said pls don't forget that Mr. Market always opts for the path of maximum pain and a series of mature neg. Div's doesn't exclude the possibility of another swing to mature our Divergence even further. "Probabilties ain't Certainties"..... )