critical point coming up, page-7

My guess is that a positive outcome in Iraq is already factored into the US market. Markets don't move twice on the same news. While we may see a continuance of this countertrend rally the major upward movements have already happened and I for one would be surprised if they can be sustained for long.

The upside targets for the bulls are the closing highs of March 21. These are -

Dow 8521.62.

Transports 2263.49.

If these can be breached then we may see some continuance of the move but as far as I'm concerned the US and world fundamentals are poor. Also, there are still too many bulls in the US and sentiment is not sufficiently black for this to be the real thing ie the beginning of a new bull run.