This rally have come out of the starting gate slower than the previous ones. Seasonals are very unfavorable fo stocks for September just look at the S&P seasonal chart at SeasonalCharts.com To look at the reconstruction money as bullish without considering all the production and earning capacity lost is just silly. Even some simple indicators like the Demarker or StochRSI are overbought at the moment so some sideways action or pull back are at least possible. (I have a neutral option position on counting for the market to go nowhere for a week or two)
GM... I track a modified version of the Elliott Wave, I developed myself in the 1980's. From the august top; I've seen a decline, this counter rally, and now expecting another decline to end the correction, before the bull market continues. Thus, I've kind of side stepped the market, except for a few special situations, since early august. Been making a shopping list. Noticed Crude was creeping up over night... Best to your day!
That's sort of what I'm thinking ... a whole lot of bullish sentiment out there ... after a week-long rally on declining volume ... Are there any bears left? And if there answer is "no", then how bullish is that?
Don't forget September 11 is on sunday. There has been a whisper in big european banks that the markets MUST be up just in case something occurs. Just now catastrophe will be the norm to keep markets flying !
You can me in the short term bear camp Just updated my blog Tony http://spaces.msn.com/members/caldaroEW/
yes. the rally is now over with the top in the DJIA being 10719 for the year. I have this on very very good authority. ( from on high, so to speak ) LOL ! AUSTIN
So tony as i can see in your blog you're thinking on a III of III wave coming up with a 2200 cross? and that movement all part of a V wave?