This morning's early weakness made it look like a 20-30 point break had started. But there was no follow through. Instead the market reversed and rallied to new highs for the day, albeit on low volume.
This shows there are still a lot of willing buyers below the market and that sellers don't have much conviction. So I think we shall now see a swing up to 1212 or so before another reaction develops.If this prognosis is correct then support near 1188 will hold.
5 comments:
When in doubt in this market just stay long. It's futile to fight the mother of all bull markets. As Carl stated it's hard to make more than buy and hold the averages. The last ten years and particularly 2007-2009 suggested otherwise, but it's still true.
Joe
Carl, have you seen the April 19th Newsweek cover? Might be worth a post on the contrarian blog.
Dread, I couldn't find the cover. What is it of?
Carl,
How about this for a contrarian indication..
http://www.businessinsider.com/henry-blodget-uh-oh-2010-4
I found a copy of the cover here:
http://www.newsweek.com/id/236210
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