Wednesday, October 14, 2009
Thrusting From a Triangle; October 14, 2009
Intel's earnings along with better than expected retail sales data, still negative though, thrusted the market from a triangle as you can see from the above Nasdaq 100 cash chart. There's a huge gap from this morning's open left by the over-aggressive bulls and that should be filled soon or it will hint that a top is near. As I said earlier, I fully expect earnings the next few weeks to absolutely blow estimates out of the water and be very very very good. This will probably send the market higher for weeks.
This does not change the long term bearish picture.