read this post to the NQ today...uhhh...not so fast...market continues to rally...Oil will bubble burst, Euro will bubble burst...earnings will show worst is behind...come on...lets get real!...Market will continue to climp...hit bottom about 5-10 days ago...
Your looking at the same charts that I have. Are you going to tell me that the price isnt bouncing through the fib retracements and just poised for a breakdown at this point? You can clearly see where it had 3 chances to go through that fib line and it didnt. All the rate lowering and capital infusions have not helped us too much. The rates can only be lowered so much and the capital infusions can't continue forever. The price is going to go where its going to go and there is nothing we can do to stop it. The price for the SPX is set at 1150. Thats where it will go like it or not.
The price I am looking at for the SPX is still at 1364 and that's what it is like it or not. NOTHING about it's further direction is 'set in stone' (although IMO we're still in a longer term downtrend until we close over 1420 in the monthly). Everything is a matter of probabilities. Nothing is impossible. SPX 1100 is just as likely or unlikely in my book as SPX 1500 by mid 2008.
Sure, everyone can see the 3 wave move up from the March lows. But do you really think a 3 week rally is long enough in time and price to undo 5 months of bearish sentiment? Extremely unlikely.