It's a fantastic kick-off to 2010 for the bulls. All the indexes are soaring, and the quick scare that took place on the last day of 2009 seems to have been just end-of-year weirdness that has already been overtaken by higher prices.
Looking up close, things certainly look good for the bulls. This is a nice, clear breakout to highs that haven't been seen in a long time. Here's a close-up of the Russell 2000 over the past few months.
But it's also a matter of perspective. Step back to see a few years, and things look more challenging for the bulls. The entire chart above is enveloped by the rectangle I've drawn in the bigger chart below.
