The late break last Friday faked me out and the move above the 970 level this afternoon means that we should now see a series of bullish days until the 1080 level is reached. I still think the odds are better than even that the 837 low of October 10 will hold, but even if it doesn't I think it will prove to be close to the ultimate low.
I also believe that 12 months from now current prices levels will look low by comparison.
3 comments:
carl,
we did have some news as you know Bernanke and bush acknowledegedthat they are going to put out a second bail out plan.
What makes you think that today wasn't the 'fake-out'?
ES only managed to climb above 982 in the last 5 minutes ... how many 'real' trades were put on during this 'window dressing' period?
Carl, you always talk about the importance of Volume to confirm a move. Today's volume was pretty pathetic for the percentage gain. Doesn't that imply a rally without enough umph?
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