HK up 411
Japan up 342
Europe & Asia up across the board.
Exception,
Russia .17 up, negligible
Globex up .9 pt.
Good call on the bottom for yesterday, tend to agree with AmazonGreen that the fat lady still hasn't made up her mind (always have agreed with him on the value).
Re t/a here, everything I can find is negative. Chartwise we are now above that area first defined by the gap on 2/12/97, which seems to have defined support/resistance last Oct, early Jan, and most importantly this last week. I really think SF is right to expect/hope for a gap up or rally today, maybe getting us to 110 very nearterm.
Hate to be negative, but I think we have to have a catharsis here and would expect it on the next cycle. That one gets to see the 84-87 range and if prolonged revisits that sacred valueland last seen at the new year of 97 (mid 70s). If that happens then it will in the future be known to a few as long term investors heaven. Unfortunately, as in most cases, heaven to some may be hell to others.
Regardless, today should be a good one. |
