Tuesday, June 21, 2011

Bullish Trend Confirmed

The action today was exactly what I was referring to on my post yesterday, a big up day with strong internals. Looking at the wave structure it seems like there is still room to go, so maybe this 1st bullish wave will end up in the 1305-1310 area? then we should see a test of the TA, wherever that will be and another excellent point to get in the long side. Summers are usually quiet and bearish but maybe this year will be different. This might be the beginning of a multi-week rally. As long as there are no surprises, the market favors another high for the year.

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