Oakley's lack of visibility is FUNNY!
I know there's no way to draw a line in the sand, but regardless of whether this move up is "manipulated, suspect, and short covering" as a quick survey of SI bears claims or "the start of a new bull!" as the most rabid SI bulls claim, the truth is that we closed above the wedge today and that has to be respected, whether or not it's a fluke.
It's not like I know what's gonna happen tomorrow or next week. There might be a tech sector upgrade tomorrow. Hell, the Naz could rally 200 points on it before starting its down (we might've finished wave 2 today with our decline and this closing runup could be the mere start of wave 3!). Then again, the employment numbers could send us on a gap down. Today was not convincing until the last runup. And if everyone is simply buying cuz they don't want to miss an upgrade. . . well. . . that's not a sign of a bottom, I realize. That's the sign of frothiness. That's why I'm also distrustful, like you. But heck, the VIX was up today, so we're not the only ones. And lots of resistance ninjas, to steal from Allan, have been laid to waste. It's murky, at best.
the freep |
