Markets is DEFYING all popular theories by BEARS that we are heading to 4,000 on DOW or 400 in S&P 500....???
Why market is NOT listening to the COMMAND of Louise Yamada,Carter Worth & Perma Bear like Elliott Wave theorist....
You KNOW WHY......???
Because Markets does NOT listen to anyone and TRAPS everyone with their trading thesis into HUGE LOSS......
BULL lost all their money on the way DOWN in the last 16 months.....& I am seeing the same thing happening to BEARS NOW......
Next 16 months will be an improving markets with confidence building GRADUALLY so all the BEARS are WIPED out over & over again.....it IS already happening that BEAR case is NOT working out.....as we have NOT made a NEW LOWS since NOV 19Th when Dow hit 7392.27...Friday Dow closed @ 8635.42..a STUNNING 1243.15 move UP or 16.8% UP move in 11 trading days......
If you look @ Chart of Dow it looks like we have made a TRIPLE BOTTOM from the LOWS which was NOT evident in previous rally attempt......We can see from Dow chart that we have a very well defined HIGHER LOWS forming..an ASCENDING PATTERN.....
Based on the CURRENT DOW chart it is NOT impossible to challenge Dow 10,000 before hitting first resistance.....so another 1300 Dow point move IS PROBABLE......which will take DOW into serious BULL camp with a 33% move UP from LOW.......
So....you can be NEW PERMA BEAR and start short position and take the LUMPS
OR... relax and ENJOY the ride to DOW 9999......
I do not have to convince anyone HOW to position in this market...
BUT..... I am FIRMLY in BULL camp with my 4 ETF......
It is IMPORTANT to FOLLOW the TAPE @ this JUNCTURE as we move into SOLID BULL market .......
FEAR,DOOM,GLOOM & DESPERATION is hitting its LOWEST point NOW which IS a SOLID contrary indicator for DOW to LOOK AHEAD to BRIGHTER /IMPROVING FUTURE......
I personally believe that DOW has DISCOUNTED all the BAD NEWS about economy...what IS KNOWN/PREDICTABLE...... never DOUBT Markets ABILITY to look SIX to NINE months Ahead...a reverse TAPE from JULY 07......
So.....making a BULL bet @ this stage MAY be extremely PROFITABLE$$$$$
BLOG does NOT give buy or sell.
Saleem
3 comments:
Hi Saleem,
Ditto on your blog analysis. 11K not out of the question. All the bear talk reminds me of the bull talk one year ago when they predicted no end in sight to the profits. Your chart analysis is on the money. Unless something drastic and unexpected happens, looks like the market is on firm footing. Buy the bargains.
Best Regards
Hi Standards,
TAPE gave a buy signal by friday's close.....
We are getting close to taking out 50DMA on all indices....then sharp UP move .....
CONTRARION Sentiment & CHART is firmly in BULLISH mode......
Saleem
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