Hardball
The first move up was 5 waves.
The second move up was 5 waves as a probable 1 of 3.
In theory this should be a 3 of 3 and explosive or at least persistent.
If not and it certainly wasn't today then some caution is warranted although the benefit of the doubt goes to the bulls IMO.
A new moon here and Laundry's time is worth considering.
My bond price chart which I have posted several times here is still following the gentle trend that suggests we don't see any interest rate decline till maybe late 2010.
The target is probably only 100 basis points or so higher for rates but is consistent with my view for a topping in equities into that time frame with probably no great advance but range trading or minor new highs.
HardballThe first move up was 5 waves.The second move up was 5...
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