i think we have finally seen the start of a dynamic move up by the XJO. over the last fortnight it has outperformed the SPX and i guess we may see this kind of out-performance for the remainder of the quarter. God knows it's about time. the XJO has gone through the old resistance like a knife through butter. friday's market action showed strong institutional push all morning and it extended into the afternoon session. there's nothing flaky about this move.
looking at the slow stox on the monthly charts...
XMJ, BHP and XGD have all bottomed out. i had thought BHP could go to 25. but it's up to me to adapt to what the market is saying and renounce any of my previous foolish notions, because the market will certainly not adapt to me.
the current COTs have a negative bias for the S&P and nasdaq-100, and a positive bias for gold and 30-year bonds.
the XJO is still at 2005 prices in nominal terms and an even better bargain in real terms.
well i'm going to relax in the Tab all afternoon, then cook some fried rice, watch a dvd, then go down into the cellar and grab a bottle.
enjoy the weekend, everyone, 'cos you won't have it again.
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Change
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