Further to my post of January 27th, I'll offer the following Quarterly timeframe charts of the Dow 30, S&P 500, Nasdaq 100, and Russell 2000 Indices. There were impressive gains for this year's first quarter…the Dow's range was 1,067.89, the S&P 500's range was 160.29, the Nasdaq's range was 486.44, and the Russell's range was 111.14…they added to the impressive gains made in 2011 Q4…and all were made with barely a pullback on the current candle. They are, however, now trading at major resistance levels.
It's difficult to imagine that Q2 will duplicate this feat without a pullback, but stranger things have happened! I am, however, mindful of my recent posts, so strong vigilance to be on the lookout for developing weakness is the order of the day/next quarter!
So, as I referenced in my post above, I can report that the first layer of the chocolate cake has been whipped up and baked to perfection…we'll see if the rest of the layers and embellishments get added to complete the cake in order to be ready for serving by this Christmas…it all depends on how hungry the bulls are and whether anything distracts them from this delectable tea party…it's not a cheap cake, so the bulls (a ton of them) will have to open their wallets wide from this point on without reservation/hesitation!
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