Weekend Chart Roundup – Sunday 1 July 2012 (15:37)
Well, I didn’t see Friday’s 40+ point rally coming and frankly, I feel like a real idiot. And I’m sure there are plenty of you out there thinking the same thing: “He’s a real idiot”.
The Bulls are feeling really chuffed with themselves right now. Of course the Europeans wouldn’t let the Euro project fail. The politicians and bureaucrats have too much at stake, they’ll do anything to keep the party going. Germany can afford to pay our bills and will gladly do so. And even if they can’t pay for it all, the Chinese or Saudis will step in. And so Summit #19 was the clincher, we finally got there. Happy days are here again. I’m off to buy AAPL and a small village in the Greek islands.
Umm, we’ll see. July 4 this week and so trading is going to be real messed up. There’s always a positive bias leading into holidays and volume is going to be light. But if the rally is on, we’ll see continuous higher highs as Professionals go over-weight equities and get ready for a break of 1,400.
On the other hand, if we just toy with Friday’s high this week and then head down and break 1,310 that will mean Friday’s activity was just a short covering rally and …
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