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There's a phrase I first encountered about ten years ago that I'm sure you've heard – – or, God forbid, said – – many times: "It's all good."
This is the kind of trite, meaningless, catch-all phrase that drives me bananas. As best as I can tell, it can have a few different meanings:
Seriously?
In nine trading sessions the S&P 500 (SPY) has advanced over 14%. The tech-heavy QQQ – over 16%.
The market’s performance heading into this past week was impressive; now it's historic. Just when everyone thought the market was about to break support last Tuesday (10/4) the market proceeded to bounce off those levels and hasn’t looked back. Indeed it has been one of the strongest two week rallies in market history. In fact, we have only seen this type of move 5 other times since 1928.
Just read Tim Knight's post. Must agree this has been a challenging month. We have gone from seeing a Bear Flag … morph to a Wedge and now price has morphed this to an asending channel. It's a bit much, but one has to expect something like this when price is in a range. Looks like we are now breaking out of that and I would expect to see moves higher. Seems like there is nothing to stop the $SPX from moving up to the 1257 level.
