Tuesday, August 4, 2009

Bull's Theme Song

Everyday this market goes up I just keep thinking of this scene/song from Ghostbusters II.



Hope you enjoyed your pullback today, it last all of an hour.  This market keeps climbing and climbing.  There is no reason to fight it.  In fact today I didn't and enjoyed a dip and a stupid run-up at the EOD. 
SPX hourly has broken its Small Rising wedge but has found support at 1000. Notice the larger longer-term trendline.  Before any selling starts that trendline needs to break. 




Here is the MEGA B chart, it is still showing a sign of a pullback NYDVN is flat on the green line and Decliners is at the yellow line. So this gives more value that if trendline breaks it should start a pullback. But be aware the pullback can be very shallow.


 Another reason a pullback might occur is the stupid dollar.  It managed to stay above the trendline today. But dont be fooled, it still made a lower low.