SP 500 Up Up And Away?
Here we have a SP 500 chart with the uptrend line marked. In spite of what "should" be happening, this shows what is actually taking place. A very solid rally backed by dropping interest rates.
As many of you know I have been looking for a decline into the fall setting up a major buy spot. Will we get it? There is no reason at all to be short this market other than short term trading, until that uptrend line breaks. It comes in today at about 1310.
Before we can get any exictement going about a selloff, we have to break that uptrend line. Until we do the trend is up so be careful about shorting. One of these days we will probably get one of those "shake the tree" days where they break the market hard and the trend changes. However, it is very difficult to fight a trend day after day looking for that one home run. I do not suggest doing it.