http://www.futuresmag.com/2013/02/10/stock-markets-bull-trend-keeps-charging-despite-se?t=financials international newport group reviews You can’t keep a good man down. Markets tried to correct and couldn’t do it. The usual suspects are the bears themselves who flat out gave up again just when they had the bulls on the ropes. The reason given for the tech surge late in the week was a stock buyback for Apple Computer. Are you kidding me? Are the bears this weak they’ll fold up the tent on such questionable news? AAPL doesn’t even have good enough calculations to call a bottom yet. The net result of such a discussion is the SPX ended up at a new high. What that does is violate the 987 day window from last week that was influencing the turn. Not only that but the SPX had some serious Fibonacci calculations at last week’s prior high. There’s lots going on here but all you need to pay attention to is the ABC coming off the November low where A and C were close to equality. Now that’s gone. Then on the weekly we had a 161A in roughly the same place with the first leg up off the 2011 low. That’s just about gone. Unless they come in and hit it fairly quickly, they’ve opened the door to the 1564 projection we’ve discussed in this space and now at 1518 that’s not so far away and absolutely not far-fetched by any stretch of the imagination. This pattern still resembles a wedge but wedges can fail. Patterns are not set in stone. We can get all different kinds of failure. The amazing condition is we have a market that just continues to violate one resistance area after another. It’s almost like the good old days. However, there is one difference. The good feeling we had during the Internet and real estate bubbles are absent here. That means in the long run these markets can go a lot higher. But that has little to do with what you may be doing this week or this month. One of the conditions I’ll really be watching this week is the US Dollar which accelerated this past week. A
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