In celebration of the nation’s 238th birthday the Dow finally got it together to get through the psychological barrier of 17000. The SPX cooperated by powering towards 2000. The penetration of these levels, as well as the particular configuration of power bars is very bullish. Now that we have said that we should point out that the trans July 4 market has a seasonal tendency to bullishness.
Now the other seasonal tendency: For a few days after the fourth the market should take a hit. Look at it as the market taking back some profits. Given the accumulated profits we can be generous about this. Just don’t get carried away.
Looking South the best thing about Brasil is not the futbol (which Americans will undoubtedly learn to love someday) but the music. There is no popular music on earth to match Brasil. You can start with Rosa Passos (who YoYo Ma said had the most beautiful voice in the world, and move on to Gal Costa (who Joaõ Gilberto said was the best singer in Brasil) and Elise Regina, not to mention Marisa Monte.
The PnF chart targets 2040 on the SPX. Our reading of the PnF chart targets 2220. We will shortly publish a list of links to targets we have mentioned since March of 09. Is it genius? Or is it a bull market?