bulls will be back in a few days, page-21

Hi Bulls, nice to see markets endorsing our predictions. Fundamental and technical indicators all good from what I've seen. Key points to state the obvious: better than expected ISM in the US, better than expected GPD in Australia, a good court decision on German bailouts. I'm looking for the trend to lock in until at least early-mid next week. The data will colour things but I'm thinking the big game for the next few days is sentiment following Obama/ Bernanke speeches. I am high conviction long on my positions.

Thoughts? Counter points/ data welcome.

Response to technical bears from Gary Glover:
Glover's update on FNN today was another endorsement for the bullish view both short and medium term. He does warn of a possible retreat to recent lows after a relief rally but overall he identifies a technical uptrend with a firm base. Glover's report is obviously another counterpoint to bears, particularly the more hysteric ones who predict a full collapse as if it's a technical certainty. (Video at: www.fnn.com.au)


@Ads - I know you're not in that group. I appreciate the run down, a good point and I agree. But, would you agree that is just one indicator however compelling? What do you make of Glover's view? Charts I drew earlier in the week look exactly like his first slide. Is today perhaps that higher low?

@Doctornoh - I agree however PMI 48.5 in UK was the only sub-50 number I recall and this will most likely be 50+ next month? I think it's good to ask, what do the fundamentals have to look like to justify further signficant falls? I don't see it happening. But again data/ corrections/ enlightenments are most welcome.

@Backontrack - I just hope you're wrong about that.

@owlie - You might appreciate this with regards to the media. Have you noticed how - coming to you from that engine of our economy, that nursery of excellence in economic thought, that hot house of fervent financial brilliance that is the University of Western Sydney - have you noticed how Steve Keen repeatedly makes national headlines with his doomy predictions? (And good for him I say, someone has to stretch the bell curve). Meanwhile optimistic outlooks put forward by Craig James at a times of record uncertainty barely rate a mention. After all, what's newsworth about that? He's merely the Chief Economist of our largest bank.