UP UP and ??????????

Well the recent run has surprised me a little. I was looking for a pull back but now looking at it the market was just consolidating before another leg up.

Does this run still have legs? Well as far as i can see it will only run to 4200 ATM. The graph below show key fib lines and the two green bars above the 3793 (23.60) fib line for me is bullish.



The next graph shows us re-entering the upward trend that began way back in mid-march and has been of big significance. We have basically hit the top of the channel and now are pulling back, which is expected when we have just had such large gains (200pts in 3 days)



Overall; i am still concerned that this is just a 'suckers rally', the market for me is way overbought, i see the market is completly ignoring the bad news and is in full steam ahead mode. for me the big boys and the PPT are doing their jobs beautifully and are playing a big part in this rally with smaller investors being suckered in.

safe trading