SPDR S&P 500 (SPY): Yes, tomorrow will probably be a consoli...

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Re: RCKS post# 48647

Thursday, 05/01/2008 12:56:06 PM

Thursday, May 01, 2008 12:56:06 PM

Yes, tomorrow will probably be a consolidation day.....but, wow, the NDX is smoking. I don't see much love for the P&F charts here, but yesterday the NDX had it's third triple top breakout in less than a month. The follow on today is just gravy.

I'm genuinely sorry for those short the NDX today....I've been there too.

The strength in the NAS is healthy for the overall trend. I have a target of 1480 on the SPX before a pullback, and had considered that it would probably fail...yesterday and today make it more likely that the rally continues.

Tomorrow will probably be a good time to be positioned on the short side. gl/gt to all.

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