I have an abbreviated post tonight for a couple of reasons: I am short on time and the weekly charts look pretty much the same. Today we had what can only be described as another buying opportunity. Even though we finished down, the market came well off it's low . Even better, a few leading stocks are starting to move. We are probably due for a pullback here, especially with CMF as high as it is now, but so far it has been a nlong time since we have had even a whiff of distribution. The bears better kick it into gear if my apocalyptic January prediction is going to hold up.
Here is the weekly chart. I took the upper half of the big range we have been in and split that in half, and sure enough, we are currently right on that half way mark. That probably means we are not ghoing higher without at least a small pullback here, but that is not assured, and in fact the momentum indicators still say we are going up.
I will have the new highs update shortly.
