A great week !

A great week !

Actually, it is very very nice for the bulls !

NASDAQ closed up and in green every day this week !

Fortunately, I didn't miss this massive run up.

I hope my friends who read my blog everyday also didn't miss the run up wave in this week because I have posted my prediction on today's market close every day in the side bar with "UP" for 5 days every day this week! It is just a stream of correct predictions! That's the power and beauty of chart reading! the chart never lie !

Below is a recap of the side bar prediction so that you may be aware of it very well:
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Today's Market Close Prediction

Usually updated any time before 10:00AM (USA Eastern Time) every day
July 17, 2009: UP
UP: means today's close will be higher than yesterday's close.
DOWN: means today's close will be lower than yesterday's close.
Focus mainly on the NASDAQ close prediction.
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The NASDAQ target remains unchanged, to date ! I am still looking forward to NASDAQ ~1995 ! Why ~1995 ? it is because of the technical breakout target from the chart! For the chart, please review the previous post and the link is here.

However, be aware of any potential pull backs since we have been always up so far for 5 days this week !

I also start to take some profits from today ! Every time up to a new higher level, I will take some profits on the longs !

Always remember:

• the market top only forms in the bullish up !
• the market bottom only forms in the bearish down !

VRTU - close check up

The NASDAQ breakout target is still valid

The NASDAQ breakout target is still valid, so far, as long as the breakout of 1880 is successful, which is mentioned yesterday. To review the details and the chart, please follow the link.

But also be aware of any potential pull backs since we have been always up so far for 4 days this week ! Nevertherless, any corrections are good opportunities for bulls as well, as mentioned in previous posts.

Market corrections are great

Market corrections are great !

Why ?

Because this is the opportunity to reduce the position cost to zero or even negative ! Once your holdings become zero cost, then there is no risk for you , no matter what happens in the market !

So, market corrections are great ! The key is you need to have a good timing on the market movement! You need to act (sell) before the correction comes, you also need to act (buy back) as soon as the correction ends.

However, timing the market is hard, if not impossible. Then how to overcome this ?

My solution is: when feeling the correction is coming, just take profits and sell half of the positions ! If your timing is wrong, you still have half positions to ride with the run up wave ! If your timing is correct, then wait to buy back the positions you sold at a much lower price and reduce your cost for the whole holdings!!

I have tried this method over and over ! It's just wonderful ! See my previous post on this as well.

Remember:

• the top only forms in the bullish up !
• the bottom only forms in the bearish down !
  

A re test of the breakout strength

A re test of the breakout strength may be necessary for a healthy run up !

So I expect the market will test the gap up and see if it can hold well soon.

I also expect VRTU to come back to around 8.30 before the next run up ..

consolidations and minor corrections are necessary for a healthy run up !

NASDAQ Target

Based on the chart below, once 1880 is successfully broken out, the target is around 1995 !

This chart is a very nice island reversal pattern !

What a nice day for bulls !!

What a nice day for bulls !!!

I want to review some previous posts here. Below is the words quoted from the analysis:

"The chart is still pretty bullish, although it is in a consolidation mode. I expect the market will continue go up after the consolidation. Namely, a breakout of 1880 is very expect able.

As mentioned in the big picture, "Unless1766 is successfully broken down, I think being a bull is following the market ! ".

So I am still following the trend and be a bull."

Previous chart can be found here.

The big picture of the market I drew last Month can be found here.

The bold forecast for the breakout is linked here. Click the link for previous charts and comments.

This morning, GOLDMAN SACHS (GS) has been in the 155 benchmark ! It is already up more than 300% since the low of 47.41 !

I also believe QID will retest 30 very soon, if not tomorrow ! If 30 can not hold QID well, I think it will go to the next level, namely, 20. Remember, QLD found the bottom when it broke 20 ! I strongly believe QID will have a good chance to break 20 as well ! That's when the market may hit a real top !!!

Enjoy the mad bull's ride up and relax !!

Again, when you are right, sit tight !

What a day for bulls today

What a day for bulls today ! Although the market didn't gain a lot today, the bullish momentum is still pretty impressive !

GOLDMAN SACHS (GS) has been in the 150 benchmark ! It is already up more than 300% since the low of 47.41 ! Such a powerful run means this bullish run up wave still has a lot of room to go up !!

Intel's stock price sored after the earnings report !

More import, I noticed that today when the US dollar is up, and the oil and the gold is down, but the US stock market is still climbing up ! That's a very good sign !

Tomorrow, the market needs to break out some major resistances, as marked in the chart !

What a wonderful wonderful day for bulls !

What a wonderful wonderful day for bulls !

Very very nice and beautiful ! Isn't it ?

Some previous analysis and predictions can be reviewed here.

As predicted last Wednesday ""QID will head to 33 once it can not break out 35." Today, so far, the low of QID is 33.24. The initial post can be found here.

Last Wednesday, I also predicted the following, quoted below:

"A possible bounce back is expected ! Very possible. Please refer to the chart below.

Once the breakout is real, the NASDAQ index target is to fill the gap, at least."

Please review previous posts carefully.

As pointed last Friday, VRTU has a very nice run up today. It is almost 9 now. Below are the words quoted from last Friday's post:

"In addition, VRTU has a small run up today with about 5% gain. Once breakout 8.50, it should shoot up to 10 very quickly. "

• The initial prediction of VRTU is here.
  
• The second up date on VRTU
• The third up date on VRTU is here.

Enjoy the ride !!!!!!!!!!!!!!!!!!!!!

ETFC - the initial chart set up

ETFC - the initial chart set up.

The chart pattern after the failed breakout can be found here.

ETFC -after the failed breakout

ETFC - after the failed breakout

The initial chart set up is linked here.

BAC -after the breakout

BAC -after the breakout and the beautiful climax run up !

The initial BAC chart pattern set up is here.

BAC - the initial chart set up

BAC - the initial chart set up pattern

It starts a very nice and bullish run of the US stock market since then.

The chart pattern after the breakout can be found here.

Other successful breakout charts are linked and summarized here.

CBOU - after the breakout

CBOU - after the breakout and the beautiful climax run up, back to reality now.

The initial chart pattern set-up is here.

What a wonderful day today!

What a wonderful day !

Last Friday, I told you guys that last Friday is" A very very nice day for bulls". I hope you don't get burned out this time by the mad cows if you are a bear.

The previous post is here.

I also want to quote some words from last Thursday's post:
"If the bulls can hold 1750 well, then the first target is the yellow line, about 1793. Yesterday I also gave a bouncing target as shown in the chart! The chart's link is here Please click the link for previous charts."
so that you may know the first target of the bulls.

With regard to QID, last Wednesday I have the following prediction:"QID will head to 33 once it can not break out 35." Today, so far, the low of QID is 33.31.

What a wonderful day today for the BULLS !!! Only the SKY is the limit for the running up !!!!!!!!!

Go higher and higher !!!!!!!!!!!!

VRTU - the up trend line

VRTU - the up trend line, as shown in the chart.

Some analysis and predictions on VRTU can be found here.