Well, this explains all the strength we see in the market! Thanks!
BarrenWaffe
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Exactly.. Most people are seeing a double top structure and trying to short here.. Oh little they know ;)
capsule91
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@BarrenWaffe, it has been almost 24 months, all the news is bearish, people talk about distribution, project hell stories about the index, on the otherhand, the price action , keeps bouncing back , breaking levels and creating /testing supports...
never in the history if this index or older ones like djia, i have noted a distribution last more than 6 months in any major crashes..
the issue is a lot of major stocks are trading a insane valuations, we just have to accept the fact that growth story there is going to stall and new leaders to emerge to push the rally..
this is an interesting time..
risk hedge assets like gold is also bullish...
might mark an end of a bull run later on, but for now, lets deal with what we have got..
rafbie
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@capsule91, My exact thoughts.
I think in November we can expect a breakout akin to DJI in Jan 1975 or Jan 1987 (10-15% upside).