SPX sneaks out…

0424spx

http://stockcharts.com/h-sc/ui?s=%24SPX&p=D&yr=0&mn=6&dy=0&id=p09524411098&a=266398464

So far we would call this a sneakout rather than a breakout, but it is progress.  Whether or not this marks a surrender by the bears or not is yet to be seen, but like new tulips, green shoots are appearing and modest buy signs are cropping up.  Here we see the upper bounds of the  ?triangle? we mentioned a short time ago being penetrated– a buy signal for the aggressive.  Contrarians will short this as they always do, so there will be a pullback in all likelihood, but it looks to us like harbringers of spring.  Buy signals have also appeared in the Qs (Friday was emphatic).

0424qqq

http://stockcharts.com/h-sc/ui?s=QQQ&p=D&yr=0&mn=9&dy=0&id=p78289658344&a=349010665

We’re happy we were long the Qs and we’re going to buy some more. This is not a sneak out.  This is a breakout.

We wouldn’t be long silver or gold — in fact might be short.  The euro is drifting sideways.  We’re out.

Sell in May and go away.  And listen to all the other market nostrums intended to confuse general investors.  Supposed to be a seasonal high here.  Don’t listen to that BS.  Only the chart will tell you the truth — insofar as it knows the truth.

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