Let them hump Greece reassurances all they want. The play is and has been recovery from over bearish sentiment followed by resumption of the bad stuff. The time to get bullish will come, but I seriously doubt it's coming soon. Here is our old weekly Dow showing some upside issues that Relief '11 will encounter.
BTW, I have been here all day today but have been busy bludgeoning people with email updates. :-)
http://www.biiwii.blogspot.com
http://www.biiwii.com
BTW, I have been here all day today but have been busy bludgeoning people with email updates. :-)
http://www.biiwii.blogspot.com
http://www.biiwii.com
FWIW, I think we knife through your neckline based on the historical levels that I'm seeing on my sentiment and smart money charts. In most circumstances, I would say the bounce up to the neckline will hold but the sentiment is so extreme, it should rally right through that resistance.
ReplyDeleteVery possible Sunny. When I originally did this chart several weeks ago, the idea was that exactly that could happen. Which is why the lower line of the wedge and the massive resistance at 13k were shown. But that neckline resistance is formidable as well.
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