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Last Thursday, when our bullish friends were circle-jerking each other off into a lifetime high bukkake-fest, the shrill giggles, nipple-twisting, and antique-shopping of the Men Who Love To Buy Stocks was in full swing-a-ling-a-ding-dong. My conclusion about the import of briefly crossing into 17,000+ territory? Simple: BFD.
Now that primary channel resistance has been broken. I’ve been considering the upside targets that are now in range as a result of that break. The first one is rising channel resistance from the 1814 low, and I have that currently in the 1995-2000 area. That looks like the obvious next candidate for a short term high area as I can’t see any reason here to think that the current high might hold more than a couple of days. (more…)
