Thursday, April 28, 2011

[Chart] Bears Stand Down

The long awaited breakout in the S&P 500 finally occurred earlier this week.  In the past, this sometimes set up a trap for the bulls as every last short threw up their hands, and only then would the market reverse - but rarely has that been the case since March 2009.  (I am reading on the internets that even noted bear David Rosenberg has finally given in)  It seems as long as the dollar gets punished with the Bernanke Put, bulls feel they have nothing to fear outside of the random geopolitical event.  Until/unless we get back into this purple box there is not much for bears to base a case on technically.

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