a little mondayitis ..., page-11

Ehsaale,

I think thats a good short-term call. While there is little doubt that the market has turned bullish, I'm of the opinion, and many can correct me, that a 350 point rise in XJO in 5 days from last Monday, should definately need to have some sort of consolidation or pull-back to embed the uptrend that has started.

Wouldn't Dascore's daily trend chart be useful to have a look at now to ascertain if there is a short-term consolidation period in the making.

Anyway, I think for the strength to be confirmed a pull-back to support is needed. What also has me a little concerned, is the large gap on the SPX500 down in the 900-910 level. Not saying it needs to be filled, but with the very overbought situation around the 940 level, a pull back and test of the breakout areas is needed to confirm this move. The XJO should then follow suit - but to where. My anaylsis is roughly down to the 3950 (IG) level.

Happy to be wrong, but not happy to add longs at these high levels and after almost a straight up move of 350 points.

Thommo