the quality and severity of the pullback can clue us in to how powerful the next upleg is gonna be.
Good morning John,
In principle I agree, I believe the next few days will be key in terms of a possible pull back/profit taking move. If this move does not break the confidence of the market then yes, we may continue and probably strong.
The main problem I see, (based on my own reaction yesterday), that if confidence breaks, then the reverse may be in place and the market could sell off.
Yesterday, I simply could NOT bring me to jump in as I could not determine with confidence I should. Under these circumstances, I decided to become an spectator. However I can not deny the strength of this reaction to the upside...
I just heard that Brocade has warned, (after being upgraded), Futures are now down and this will be a great test to see how strong this beast really is... Climbing a wall of worry comes to mind... soon we shall see.
The learning process never ceases in this circus... Thanks for your contribution John, always appreciated.
One last comment, I saw the Treasury secretary on CNBC earlier and gave me the impression of a no nonsense guy, very hands on and very pro-business. I understand he was the CEO of ALCOA prior to taking his position as T S ?
Obviously a positive for business imo. |
