rebacka's - groggy bull - thursday, page-45

Hi funky, dare I say it I think I am still in your camp lol.

Some very nice posts by some great minds today thanks for taking the time & adding perspective.

Ok, here's what I've got.. or what I'm thinking.. I will point this out first though, as I did last week, the only thing holding be back from being a "one eyed bull" atm is the spx weekly chart. As mentioned last week the spx price is still under the LT t/l from 2007. It has gotten above the 2001 top though which was closing resistance last week imo (see chart below).

The djia however is sitting above the same t/l and has respected it since breaking above it with several backtests of that breakout area around 12560-12580 (see chart below).

So with all that said if the spx can get through then I am still hanging on to the 13136 target (2008 rally top) which is also Pete's approx inv H&S target..

What is also interesting with this area is the 1 hour charts (All data IG cfd chart & cash chart) which may also suggest a target in the same area if the euphoria was to continue.. I am all cash atm aside from some spec posi's as I happen to agree with Martis "as long as dow is above 12000" area then the waters there are not riddled with sharks IMO. One thing certain, if the djia hits that area (& I am prepared to be patient) I will be VERY short but if it doesn't get there I will do nothing index wise (aside from the usual quick scalps) until it all settles down.

spx weekly

spx weekly (closer)

spx daily

------------

djia weekly

djia hourly (IG) cfd

djia hourly (cash)

I'm just guessing here so please don't consider as advice.