just discount.
With such strength, I think we need a faster move up to break through
the 4 period BB and put in a failure leaving a wick to signal some kind of
top, more than a couple percent.
I just can't see a run like this turning on a dime into a 5-10% or more
downtrend.
The run is so overextended that few people are loading up long on dips,
just small positions, so there has got to be alot of cash on the sidelines,
and why the market is underinvested.
We have had a few sharp one day reversals, but the majority of downside has been slow
with alot of sideways before the drop.
We just took out 7 days of downside in 2. Who knows what happens here now ?
I think more sideways chop then see if the market breaks higher or not.
The point is, a bottom like we just had can be the last low risk long for
awhile, 2 weeks or more.
A few sectors have been sideways but for the most part the market is trending.
