If we can close above that level, especially for the week then its off to 12000. I see a rejection, support test (50 ma?, 200ma?), then the break - if not then that'll be the high.
fwiw, a bears last stand is the END of a bull market. bull markets NEED bears to continue the bull run . see: wall of worry. it is capitulation of bears (and their stops getting hit/margin calls) that helps fuel the upwards rise. this happens over and over during bull markets as brief (and scary dips) often suck in new shorts, who are then stopped out and forced to capitulate over and over as the market rises. when bears TRULY have a last stand, is when the market is truly near a top (and i am NOT saying it is), because once everybody is a bull the market can only go one way - down.
very very true. let me say this though as well. This market has slight bull advantage right now, but it is weak in the bigger picture.
Very true. In that case I hope its off to the races to 12000+ soon. I want to see big rally or big selloff, anything that'll push the volitility up so we can get back to the 1%+ daily ranges on the major indexes.
i am very bullish on the markets right now, fwiw. have been for some time moreso the Nikkei and Gold than the US equities markets, but i'm bullish on those as well what i am seeing happen is the proper Dow/Trans leaders/ what NEEDS to happen (and I see some indications it will) is for the SOX to turnaround (i am already seeing some very nice positive divergences and money flow) and the NQ's (ie the Q's) these indexes cannot and will not keep diverging for too long. one will drag the other down or up. imo, the bias is CLEARLY to the upside.
i'm a trader. im not a bull nor a bear. however. the bull market leaders are on their knees right now. most notably goog, aapl, sndk. goog(28.5% off high) 340.22/475.11 aapl(28.7% off high) 61.67/86.40 sndk(30% off high) 55.89/79.80 i found it extremely funny to see they're down about the same percentage.... classic sector rotation from the more speculative issues to the more conervative issues is happening. this usually happens towards the end of a bull market/run. maybe this time is really different! or is it?