Buy signals. SPY, ETC. ETC…

Posted on Sep 05, 2010 by in Letters

http://stockcharts.com/h-sc/ui?s=$SPX&p=D&yr=1&mn=0&dy=0&id=p62881197949&a=207879904

With powerbars and gaps in the average the only interpretation is buy signals in the major indices.  The crucial signal is the surge across the tight downtrend line in the humpty dumpty pattern.  This signal is always aggressive -- or appears so.  And we are mired in a sideways or mule market  as defined by the two horizontal lines  So this may just be a trading move, rather than the start of the great bull market which will carry the S&P to 1565 as we so rashly predicted to trigger this nasty trading market.

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