Donald; RE:" extent... "
...powerful rally, sweeping all sectors -- now +700 SPX basis points from Monday's low, a virtual +7% increase in U.S. equity values; busting up through all resistance levels, including critical SPX 1057.1, the 200d EMA, the 50d EMA, towards next target of SPX 1073.9 on my chart, Donald.
>> The intermediate-term DownTrend is no longer intact <<
As much of this buying appears to be speculation on Fed reducing the cost of kapital, there is now a major political factor for us to consider, in addition to fundamental earnings growth: "no action" next week would almost certainly trigger a massive sell-off.
Man, I'm glad I was not short; my core portfolio holdings gained +6% today. Although buying is obviously over-exuberant, Donald - we are getting big time kapital inflows to U.S. equities, with pretty good breadth.
>> Would not want to be long if there is no Fed action; jesus !
-Steve |
