Wednesday, July 24, 2013

Hmmm ..........

Updated for my final buy of four on 7/22
Updated for my first buy of four on 7/22

I added to my positions on Monday.  I expect major indices to continue their run higher.  Chances are good that we finish the week with all major indices at new closing highs on weekly basis.  That would be extremely bullish, almost too bullish.  More on that on my post this weekend.
As of close of yesterday 3 (DJT, RUT and NAZ) of 5 major indices (DJI and SPX) are trading below their active uptrend lines.  To me this means:
  • (33%) Indices are getting ready to correct a little (a few %, 5% max) before going higher.

  • (67%) Indices are in process of constructing shallower and more sustainable uptrend lines.  If that's the case, indices should breakout and print new highs either today or tomorrow.
Either way, it's up, up and away ...........

Disclaimer: The views expressed are provided for information purposes only and should not be construed in any way as investment advice or recommendation.  Furthermore, the opinions expressed may change without notice.