Stock Markets goes UP & UP & UP ????

Stock markets are going into record books for several days in a row.

Dow Jones Industrial Averages are @ an all time HIGHS lately.

Nasdaq is at new 52 week HIGHS.

S&P soon to follow ?????

So let us see where the next resistance levels are in each of those averages :

Dow Jones Technical Resistance 13,200

S&P 500 Technical Resistance 1,500

Nasdaq Technical Resistance 2,797

So the question of the day is................

Dow which is only 79 points away from resistance...is it ready for a REST or BLAST through this wall of worry number.

S&P 500 is only 6 points away from new all time HIGH............will it BUST UP to go into record books.

Nasdaq which is 240 points away from resistance................will it LEAD the other indexes into NEW & IMPROVED RECORDS..................

I personally think that the real focus should be on NASDAQ which looks the most HEALTHY @ this stage.

Nasdaq not only will LEAD the other indexes from this point ON...but the biggest GAINS will be in Nasdaq stocks going forward.

Lot of stocks in Nasdaq are forming a nice BASE to run from.

Stock Markets are READY to CLIMB the housing SLUMP WALL of WORRY...where every non-analytical types are FOCUSSED ON.

Housing SLUMP has caused 1 point drop in GDP and will continue to DRAG the GDP for the balance of this year.

But LOOK AHEAD to 2008.......... housing FIASCO will be in history books.........

And WALL STREET ALWAYS looks AHEAD...not in REAR VIEW......

Wall Street is a great DISCOUNTING mechanism...and it IS seeing the housing SLUMP....which will get WORSE before it gets BETTER.

When NEXT housing news comes out.... it will be WORSE...thus a healthy correction in OVERBOUGHT markets around end of May or beginning of JUNE.

So until that CORRECTIVE PHASE.....enjoy the UPTREND with NEW RECORDS all around.

So put on your OPTIMISTIC hat and do some old-fashioned trading...it is GOOD for your financial health.

And for those poor souls @ Elliot Wave.............they are proven WRONG AGAIN & AGAIN by a forward looking markets.

Please do your own due diligence and manage your risk with TIGHT STOPS.

BLOG does not give buy or sell.BLOG is for educational pupose only.

Saleem