Jay.......i have a hard time believing this rally......i jumped all over it, but never believed it was real and have not felt comfortable since it first got back over 8600........BUT there are a lot of companies that got slashed 35-40-60% even though they were not TERRIBLY overpriced AND they are still showing decent growth and now that earnings are out these guys are meeting and beating the street,..... while other more visible ones are meeting 'reduced estimates' and showing little, negative or no growth................this sure as hell doesn't seem like an environment to run the whole market up to test the old highs.......................
as far as EW goes this current count is extremely strong and confirmed, yet, as always, another count exists that would have us going down now....it is much weaker than the 5 of C read......to be confirmed we would need to move to 8400 and 1160 very soon ................the 5 of C actually points to 1141 as a top, can you believe that crap??? since i reloaded on Nov. calls, after cashing out Oct calls last Friday, i would love to see 1141, but can you believe this crap?? LU, DELL MSFT,CSCO,GE to name a few, all have room to move up before approaching
old highs...with their weight they can surely drag things higher, higher,higher and
i ran out of glue so it makes it hard for me to believe
still long and not believing it
carl |
