Well, is it or isn’t it?

Posted on Apr 25, 2008 by WHC Bassetti in Letters

A bull market or a bear market, or what is it? Over the past several weeks the technical picture in the Dow has turned up, and, in fact Schannep with some misgivings has issued a Dow Theory buy signal. A pattern of higher lows and higher highs exists since the March low. Seen here there are a couple of slanted downtrend lines which need to be taken out to confirm a rising market. The rise above what may be a neckline stretching from February can be taken as a buy signal by semi aggressive traders. Frankly we would still be more comfortable with a portfolio with some shorts in it.

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