It seems the predicted NASDAQ target, namely, 1995, will be realized next week with a pretty high chance ! Even if the market keeps holding well around this level, the bears will be screwed up, not to mention a big jump up again !
However, for the Bull's sake, I really hope the expected DOWN wave can come sometime next week, if not already started from yesterday's high of ~1980, which may still be possible to date !
I want to mention here that all three major US stock indexes (NASDAQ, S&P 500, and DOW Jones) have successfully stood above 250 days moving average ! This is a pretty bullish sign ! If all of them can hold it, then a lot of the institutional money on the sidelines will rush back in ! But I think there should be some battles over it between the bulls and bears. That's the major task for both the Bears and Bulls in the coming DOWN wave !
Since March's low of 1265 to yesterday's 1979, the NASDAQ index has been UP ~ 56% in less than 5 Months ! Many stocks have gained much more than doubled during this UP wave ! Even QLD has run up from 19.46 to 44.75 ! I mention these numbers here not to scare you as a bull. Instead, I want to say, it seems this trend UP wave may be not a traditional bear market dead bounce. It may be evolved to a reasonable bullish market ! Once a major trend is confirmed, it will last at least a year. So stay alert ! Just follow the market trend and don't fight with it !
More fun next week ! Enjoy !
Thanks, and have a great weekend. tt
ReplyDeleteAccording to statistics, since 1890, the United States bull markets are about 38 months long and the average rise is 130%.
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