Tuesday, January 29, 2013

Can't be stopped

Signs point to continued rally

Today's charts and strong market action continued to show how much bullish sentiment there is.  So many of the headwinds that caused problems in the second half of 2012 have been removed or postponed.  Europe is seemingly doing better, there's no election worry, there's no fiscal cliff worry, and the debt ceiling debate has been postponed until May (how convenient.)   Housing is reportedly rebounding and earnings have cleared the hurdles set by analysts   Other than the fact that the DJIA chart has been almost vertical in its ascent to current levels, I find there to be very little standing between bulls and new market highs.

Will there be a pullback?  Of course.  I've done a terrible job trying to predict it, so I'll just wait for it to happen and continue to try to read the tea leaves looking for the first indication of the turn.  The RumWave chart is still in a "hold 'em if you got 'em" range, so until the red light comes on there's still bullish possibilities.

Today's Scores:


No comments:

Post a Comment