energyplay,
Interesting article on bear capitulation...
I'm not a chart reader by any stretch of the imagination, but in looking at a few charts today, there seems to be no negatives in them. After a 2+ year history of seeing something negative in virtually every chart one might look at, this apparent reversal of trend is, at first blush, somewhat refreshing.
But something is rotten in Denmark, as the saying goes... The fundamentals clearly do not support this rally. If anything, the fundamentals would support the bear positions. Yet, we rallied today, and no reason to believe that we won't rally tomorrow as well. Profit taking is possible, but greed seems to be in control at the moment...
So, my guess is that the rally continues for at least a few more days. There may or may not be a day of profit taking, but no one seems to care. Looks to me like this may be an excellent time to unwind losing positions and long positions that are grossly overvalued.
Just a guess... <g>
KJC
PS - The only negative in the charts is that volume is rather weak at the moment. If we see stocks rise on a big volume day, that may be all she wrote... |
