TreggsIsn't it amazing what a 5 year bull market does to...

Treggs

Isn't it amazing what a 5 year bull market does to perceptions - a one day modest rally and the bulls are declaring the war is won and we are back to a bull market!

Well I'm afraid that back in the real world we are still making lower highs and lower lows, despite today's action. Until that changes to higher highs and higher lows, I remain short this market.

Gse

I didn't check out the rib place you mentioned and we are now at the Raleigh on Collins and 18th in South Beach FL. About to go check out the Miami night life - mostly latino and Italian food here - no BBQ in sight!

Joalsa

4772 is the 50% retracement of the bull market, so it is a natural pullback point. I don't see why we can't get there over the next few months, or even weeks, if the bear market persists. As to what will happen after 4772, I have no idea. I have no faith in my (or anyone's) ability to consistently pick tops and bottoms.

I'm not adamant that I can foresee the future - I just look at the evidence in front of me and that evidence suggests that the bull market is over and that we are continuing to make lower highs and lower lows - a bear market. Until that changes the XJO will continue lower. Simple as that really. And I'm quite prepared for the possibility that the market will turn on a dime and reverse direction. If it does, I'll be bullish and trading the index long as quick as the evidence says we are in a bull market.