Not the move I was hoping for, but it is the one I got. The market rallied today to finish up 7 to 1633. I thought we were going to sell off early on when we sort of wobbled in the early hours of trading. We are still very much overbought with the value average sitting at 1612. The market has been up 13 of the last 16 sessions so the euphoria is still there.
On the shorter term charts the market has traded the last four sessions in bear territory so there is still time for a little pullback in order to buy. One of my cardinal rules is “Don’t chase anything” I am not a terribly big fan of “buy high and sell higher”. On average that tends not to work out too many times.
Long term everything is still very good for the bulls. Apple has begun to participate over the last few weeks which should help give the market a healthy second leg if it can continue.