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Pastimes : The Philosophical Porch

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From: Rarebird	7/29/2005 10:37:30 AM
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Bull markets have a tendency to slowly grind their way higher. And this is exactly what I am looking at as of late in regard to the S@P 500, Nasdaq and Dow. The A/D line has been very bullish since the April lows. The Russell 2000 has been hitting new all time highs on a regular basis. The big negative is that valuations are high. Like it or not (and sometimes I don't like it), we are in a new era of valuations, have been there for quite a while. I wouldn't get too excited here yet; for there is very heavy resistance on the S@P 500 at 1252-1254 and the Nasdaq 100 at 1632-1636. It may take quite a while to break these levels and bust out above the 61.8% Fibonacci retracement level from the Ocober 2002 lows to the March 2000 highs. I expect the Bears to make a valiant last stand here, but to no avail. If and when that last Fibonacci retracement level gets taken out decisively, I expect some real fireworks to the upside. Life is coming into being and passing away. Nothing lasts forever. We only live once.

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