An impressive showing by the bulls today. They just kept on buying in the face of all kinds of news — a Fed head speaking, Rumsfeld quitting and the election results, which were supposedly bad for the markets. I’m just glad that I don’t try to trade the news because I surely would have been frustrated today.
We never got good confirmation on yesterday’s bearish candles. The indices traded below yesterday’s lows for about a nanosecond this morning and never looked back. So now the indices are back to threatening to pop above their upper Bollinger Bands to new 2006 highs. Looks like more pain for the bears…
No changes
| Trend | Nasdaq | S&P 500 | Russell 2000 |
| Primary | Up | Up | Up |
| Intermediate | Up | Up | Up |
| Short-term | Up | Up | Up |
(+) Indicates an upward reclassification today
(-) Indicates a downward reclassification today
Lat Indicates a Lateral trend
I think that was it
, not that I know nything
Thought it was a bull flag last week and posted/commented as such. We’ll see.
Markets hate uncertainty. If Jesus and the Dali Lama were in a recount, the market would hate it, but if Stalin had won the election outright, the market would be A-OK. Looks like we won’t be having weeks of recounts so I would anticipate some more up action.