Wednesday, May 6, 2009

Still room for run up...

There is still some room for a run up in the wedge. Over the last couple of days the market has recaptured my dotted trendline which is now support again. It has also re-established the strength of its up move.
At this point I would stay out until the dotted trendline is broken again. The stress test will cause a sell off whether news is good or bad at this point. We pretty much have been just sitting around waiting for it. Ultimate target for this rally could be as high as 95/96, but we should have some sort of pull back before then.