14 thoughts on “CHART OF THE DAY

    1. gary Post author

      I doubt it. Not only was the daily cycle due to bottom, but the kind of extreme breadth thrust we saw yesterday has almost always been a very bullish sign with the market averaging 12+% over the next 12 months.

    2. Roy

      Bulltraps don’t happen in bull markets. And even if they did, it would be worth risking one at 40-whatever days into the DC. You can still get into a young DC today, although buying Tues or Wed was not a hard call, and was a better entry.

  1. Fred

    IMO, the NASDAQ is pivoting locally around 4 300 and globally around 4 100. The currents seems to get reversed despite the impressive made-to-order rallies to induce public buying.

    1. Roy

      My account does not know the difference between a made-to-order rally and a rally. I have never been happier since I quit hating this bull market. Bull markets are like boobs… don’t act like it’s beneath you to enjoy them just because they’re fake. Was it Gary who called this “the most hated bull ever”? Thank goodness he straightened me out.

      There is still room for this DC to grow, but I’d be afraid to buy in now. The stop is too far away. And one thing I have learned the hard way, besides “don’t hate bull markets”, is to never have a position on without an actual order in place for your stop. A mental stop is useless… enter a stop order. If bull markets are like boobs, then positions are like women: never take your eyes off them for a second, no matter how much you think you trust them.

      1. Fred

        People are correct when hating this bull market. True to form, this behavior will prevent operators from pushing the market at even higher levels even if it has reached insane levels at the time. One has to bear in mind that the bears can make profit only when the bulls have pushed the price to such an extent that it turns out highly overbought and unsound.

  2. Bob UK

    WOW! I thought Wednesday was amazing but Thursday was unbelievable. Surely there will be some profit taking on Friday?

    If it goes up another 300 plus point I am going to change my name to Maria, become a nun and go singing in the Austrian Alps.

  3. Joe

    So what do you think happens when the market hits or mildly exceeds the NASDAQ high? Will we need a parachute at the top? Or will it be a top?

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