Hi Bulls, nice to see markets endorsing our predictions....

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.