Post by Cosmic on Jan 3, 2011 20:08:25 GMT -5
A barn burner up day with a nice late day sell just to remind us who's boss. Breadth was pretty impressive.
However, the pattern is very interesting. A lot of the big fliers are off their tops, and the market is making new highs indicating that the primary drivers to get here are done and taking a break. We HAVE seen this pattern before.
It seems to indicate an attempt to develop 'support' at a higher basing level - certainly much higher than SPX 1000 which is where we were at last time. I think we are due for a pullback, because in all honesty, THESE levels we are at right now have NOT been tested on a downside move.
Baby Bear.
However, the pattern is very interesting. A lot of the big fliers are off their tops, and the market is making new highs indicating that the primary drivers to get here are done and taking a break. We HAVE seen this pattern before.
It seems to indicate an attempt to develop 'support' at a higher basing level - certainly much higher than SPX 1000 which is where we were at last time. I think we are due for a pullback, because in all honesty, THESE levels we are at right now have NOT been tested on a downside move.
Baby Bear.
