Vicious Rally Continues

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As the chart below of the /ES shows, what took about 20 days on the downside took only 4 days on the upside to erase. I thought downward moves were the fast ones! But in this case, the bulls did one of the greatest head-fakes in history with that H&S pattern and have been running with the ball (and stomping on bears' throats) for the entire week.

0716-es2

At least GOOG hasn't poured salt on the wound. In spite of a positive earnings surprise, the stock is down over 11 points in after-hours trading.

I, for one, can't wait for this week to end. I'd appreciate it if God would smile on his humble servant and throw me a bone – even a Milk Bone – tomorrow. This has been quite the quartet of days!

More later………….

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