Waiting for the big Kahuna Message Board

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Strategies & Market Trends : Waiting for the big Kahuna

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To: robert b furman who wrote (91328)	11/10/2009 8:29:46 AM
From: GROUND ZERO™	1 Recommendation Read Replies (1) of 94695

I think we could see the SP's reach above 1200, maybe 1240ish before this year is out, that's just a guess... Here's the important thing, yesterday's market action was extremely significant, probably the most significant day in about 2 1/2 years... yesterday was the first time the market rallied and closed above its two year down trend line which was started around 2 1/2 years ago... yesterday that line was at 1080.27 precisely and moving lower by .94444 points each market day... so, today that line stands at 1079.32, which means that price should now become support, presuming we lived in a perfect universe... therefore, we're now above a major long term resistance downtrend line for the first time in more than two years as of yesterday, and this line was started at the very highest high that the market every reached, this is very significant... This tells me this is a long term bull market rally and should continue for some time, probably at least through the first quarter of 2010 before any sort of serious top occurs... GZ

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