Hi VoltUntil recently I would have cheered on your bearish...

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: