StockOperator: I posted earlier this AM to both Les and Donald, why I was holding back embracing a new bull leg up for now. Noting important resistance areas still intact in the charts for the RUT, UTIL and TRAN. All three of which led the downturn last July and have yet to rise above the stated resistance area, to date.
Also, I noted early last week, a support line, which I felt, would support the TYX.X. It was penetrated, but has actually managed to become a platform for the TYX.X to mount a rise, for now.
So, as I fully expected the DJI to rally into April and have been on record to that expectation since January. I also thought that Dow 10K could have been a catalyst to a pull back as well, thus I moved to cash, just below that level. I have yet to capitulated to your read that a new bull leg up has begun, at least not yet....<g>
Now I have stated what is holding me back from embracing this rally as a new bull leg up, so far! What would change your mind and cause you to withdraw your read of this rally in the DJI/NYA and NDX/COMPX being the beginning of a new bull leg up, other than seeing it fall apart in front of you?
Regards,
LG |
