"Consolidation Alert!!! Posted on June 20, 2012 Market is extremely overextended here on the daily and the weekly momentum is extremely weak. Rally will at minimum start moving sideways at this point through the rest of the week. Welcome to six day new highsâ¦ Should not be as severe of a reaction as what happened around Bernanke speech though IMO! Expecting corrective action after FOMC unless there is QE3â¦" La da de da... Now if we can get a crash next month Bernanke and the rest of the fed will get it through their thick skull that we need QE3 to drive the next major bull rally. This overshot my expectations... Next week midweek we have a shot at a final bounce rally before the summer crash.