Hi carlofu ... the short answer is no for 2006 but mid 2007 yes ... one would have to think that corporations are still making profits and whilst profit-growth is down owing to a slowing US moderate gains in 2007 will still be made ... I am thinking +10% maybe a downturn towards calender year end ... finish flat.
Expecting a VOLATILE year in 2007 and a lot will depend on what the IDI0T in the White House does as he becomes more desperate ... OMG !!!
I've taken the 261.8% retracement level off the chart to make the point that we've had a nice run-up from the bounce off support at 5320 to 5600 and expect some exhaustion at this level given a seasons holidays are also upon us ... in other words, not a reason to go LONG just now.
Before we see 6000 (yes folks... 2007) I think we shall see 5600 as resistance tomorrow ... a psychological bun-fight at this level in which I want to see both 5500 (resistance and trendline-break) and 5450 (maybe even 5400) tested as SUPPORT ... looking for a coupla SHORT entries here ... finger on the trigger.
re: emerging from wtf mode ... chrissy top 5604
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