Pow! Another good day on Friday of all days. POW! Right to the Moon Alice!! DOW up 126 points. That's how this little Rally/Breakout feels to this blogger~ This little rally HAS legs and is moving like there is no tomorrow.
Better yet, the Prozac that the market has been taking for weeks has finally kicked in the the VIX is finally under 20~! Waaaaaaa-hooooooo! Of course the question is, will is STAY under 20, or is this just an aberration in the overall scheme of things. I think that since the Prozac has kicked in......we stay under 20. Yes, we need to make sure we the market keeps taking it's meds! But with the downgrade of several European counties, I believe the powers that be in Europe will get something done and begin to fix that problem. Yea, Greece is toast. But we all knew that!
Any who, add to that a little sprinkle of good news here and there and well, what we have here is ... is ... is ... OMG~ yes ... I'll go ahead and say it........what we have here is a BONA FIDE RALLY!
Take one cup of increased Consumer Confidence, a pound of positive news out of China, a sprinkle of good corporate earnings, a pinch of better housing sales and we have the receipe for a sustained rally. All we need is a little consolidation for another move upward. Remember, too much too fast requires a pullback, but slow and steady wins the race.
Most importantly remember the old adage folks....... "So Goes January, so goes the Year". Keep an eye on the remainder of January. It could be a very good year for the market~!
Below are a few charts. DIA daily and DIA 3 day.
CURRENT MARKET TRENDS
Long Term (Weekly Chart) – UP
Medium Term (3 day chart) – UP
Short Term (Daily Chart) – UP
Momentum - DO I really need to say it? OKAY~! UP!
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