Hi Volt
Until recently I would have cheered on your bearish predictions - as you know, I was one of the first bears to emerge in early December 07 and have remained bearish to this point. I have difficulties maintaining that position now in light of the April performances of XJO, SPX and DJIA.
Whilst I am optimistic and now bullish based on the current evidence (a sequence of higher highs and higher lows across numerous markets) I acknowledge that SPX, in particular, faces very significant resistance in the comming days and weeks.
Early May will either confirm the emergence of a new bull market, or will show April up to have been a suckers' rally, with 4772 being the downside target for a new bear market leg (4772 being the 50% retracement of the 2002-2007 bull market.)
For those who may be interested, here's how I see SPX and XJO as at 24 April:
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 (20min delay)
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Last
8,707.7 |
Change
30.500(0.35%) |
Mkt cap ! n/a | |||
| Open | High | Low |
| 8,677.2 | 8,719.7 | 8,677.2 |
| XJO (ASX) Chart |