Rocket ship? Mood change?

Posted on Jul 29, 2012 by in Letters$SPX&p=D&yr=0&mn=3&dy=0&id=p68983365835&a=214966864

In a trice the market mood changed Thursday and Friday.  Prices tore through the previous high Friday on strong power bars.  It took 2 days to recover a nasty little 4 day downwave and is indicative of the latent strength of the market.  This is the the fourth wavelet of this upwave and reaffirms the upwave -- and what is very possibly a strengthening trend.  We would not be surprised to see surging prices next week.  All the major indices boomed up.  The bonds sold off and gold strengthened.

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