Strange charts…

Posted on Jan 10, 2013 by in Letters

http://stockcharts.com/h-sc/ui?s=$SPX&p=D&yr=0&mn=6&dy=0&id=p16768279576&a=214966864

Actually, nothing strange about this chart, except that it  pictures a rocket lift off, 64 points in two days -- 90% updays.  As we often take extreme powerbars like these to be signals the bullish tint of the market is reinforced.  And the sideways drift since?  Never prediagnose a pattern the master said....but... If that is a flag forming then the target here would be 1526.  Which brings in some other considerations -- that a flag could be the end of the wave.  But -- plenty of time to worry about that later. Right now the way to be is long.  And we're all in as they say.

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