Explosion occurs…as predicted

Posted on May 09, 2015 by in Letters

 

http://stockcharts.com/h-sc/ui?s=%24SPX&p=D&yr=0&mn=4&dy=0&id=p62284334472&a=407475521

Drawing the lines through the closes allows us to get a clearer picture of what the market has been up to for the past few months -- as we have remarked, more than likely an ascending triangle.  In spite of a gusher day Friday price has not exited the pattern yet and has not broken to a new high -- meaning contrarians could jump on it Monday and take back those beautiful points which were so well deserved Friday.

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