Whilst many are still top calling, what remains absolutely clear..the primary trend remains to the upside. There will no doubt be another retracement within the next 2-3 weeks, but it won't likely be much more than 3-4%..if that. Metals remain weak...and look set for much lower levels next week.
The above chart is for any of the maniacs (hello Daneric?) out there who have been touting equity doom this past week.
I'm doubtless going to annoy some out there, but so be it.
Trend is NOT down..is it?
What will be even more laughable, is when the next minor retracement occurs. You can be sure that many will get overly excited..calling for a 'significant' down wave..only to then see Santa Claws arrive..with further upside into early January.
Right now..I'm not sure who is more crazy..the deluded bull maniacs who think the economy remains on the 'road of recovery'. or the doomer bears who think we'll crash whilst the Fed is still throwing $85bn a month at the market.
Urghh. That concludes today's rant.