VG, good comments. I would like to elaborate on your point which I reposted below:
Very odd to me(march07 low correlation), I can not really see how this is simply coincidence but I certainly have no clue exactly what may be happening.
This is not co-incidence since I noted before as Mar2007 double bottom as "Fractal" of Jun-Jul 2006 bottom with "Breakout Retest" formation which is a bullish formation. As noted before, I am not as bullish as when I called Jun-Jul 2006 because I see price actions pushing to new highs not as strong as breadth as Jun-Jul2006 bottom.
Having said that we now have China $SSEC breaking out, $NYA breakout leading other major markets: Breakouts on most of major markets including $CAC, $DAX, and $FTSE even though those are not making all time highs as the same as SPX.
Those who read my comments on the CS board would know that I commented on the China $SSEC market actions since early March 2007 at the same time when US market was forming double bottom. I warned bearish views that market will retrace, at least, the Feb 2007 top based on the Breakout retest of DOW 12000, for example.
Going back to ST/IT view to determine whether we have IT top: no, I do not believe so, as I again state that we will see SPX 1550 +/- retest in 2007.
If I were able to focus on the market analysis, I would like to elaborate on a couple of points on LT view which I noticed a couple of extreme bullish view as I just visited TT, but since it has to do with longer timeframe, I can comment on it later.
As for ST top going into May, i.e. sell in May and go away, I need to reassess market along the way since I do focus on accuracy. But, I don't believe that we made ST top. After analyzing market breadth, sentiment and other, I do not find extreme readings, except those which you and JT pointed out such as common TA readings, e.g. price actions out of BB, hammer and doji actions, etc.; suggesting VST pull back.
Certainly, market is at interesting juncture and wish I can focus on the market.
Have a good day and thanks for your thoughts on the market.
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