Mark: Apologies for my rearview mirror, it was directed at the 8%, the 5% we got. As I stated in that rearview mirror post, we now have clear sailing to "Shouting distance of 7000", my problem is that it is going to fast, tomorrow will be wild, and the next two weeks are unpredictable with a lot of cross current, but generally a very positive bias. With us being a shouting distance from the old high, we may get to 7000 too fast and then we will befaced with the need for another mini correction. The problem is future minicorrections may be the start of the real thing. The only good thing about today (apart of the very nice gain, thank you), is that the outgoing tick was a punny +3. This my friends means that the market simply does not believe this rally, and the number of bears is simply to high for us to be in serious trouble yet. If I saw an outgoing tick of +800 or higher, I would be worried.
Zeev |
