If you’re going to predict, predict often. M. Friedman.

Also, don’t stand on the railroad tracks in front of express trains.  A couple of days ago we thought the rally might be ending (note:  thought, not analyzed).  Now we analyze that this wave could easily reach one or both of the downsloping trendlines.  These would be analytical points for the wave to exhaust itself.  When this wave started we remarked that hedging and scaling out were valid tactics.  Profit protection is now in order for bears.  Nonetheless you might pay attention to the economic realities, the most important of which is

is the unemployment figure.  The downward spiral continues there and it is a self feeding conflagration.  We think we are in a bull trap wave at present.  Bonne chance.

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