Much dreaded MAY is here.....
We have gone 2 trading day in May already....
Technicians use 5 trading days in January to see the trend & how the month ends to know the trend for year....
It will be wise to use the same trend for May & see how it goes.....
Many are scared of May already & Friday's TAPE was of no help.
Many bears are playing their "sure shot" bet to get huge gains.....
It IS shaping to be an epic battle between bulls & bears.
Bears are counting on history to give them the edge
As of Friday's close here is the numerical challenge for the key indices :
S&P 500 @ 1881.14, all time high 1897.28...only 16.14 points away
Dow @ 16512.89, all time high 16631.63 only 118.74 points away
Nasdaq @ 4123.90, 14 year high 4371.71...247.81 points away
I have a strong feeling that we may take all time highs in Dow & S&P 500 as early as Monday which will give a severe blow to the bear thesis.....
This MAY may not be the old MAY @ all...we have a very good chance to see bullish firework.....
SO ...it IS MAY.....& do NOT go away $$$$$
BLOG does NOT give buy or sell.
Saleem
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