get up a 10 or 12 year chart of the dow....draw a line horizontally through 8,000. Now you see why support is so strong here and why the bear is in pause mode. I believe many are being lured into a sense of false hope. When she finally cracks support you will see the DOW drop like a stone as it did through 2008.
IMO that long term support of 8000 will prove to be upper chart resistance for many years. Maybe when we drop to 5,500 or maybe lower we may see a really good rally back to 8,000 again.
It is not hard to argue that any recent rally has failed to gain any traction. I conclude that the indices are holding on by their fingernails.
