Well, while the short term trend over the last 8 sessions is down from the NDX 1814.25 high on 11/16, until the longer term lower trend line is clearly violated, I would have to say this Fed-pumped bear market rally/bubble will continue. There was a minor violation at the bottom of the last IT dip, but all it really did was to make the upper and lower trend lines that define the up channel more parallel. In other words, as long as we remain in the up channel, by definition the trend is still up. However, until a higher high is made, the upper trend line is looking weak and if you connect the last three tops, is beginning to flatten.
I noted on the news today the Fed did a trial "reverse repo", whereby it takes money back out of circulation and off its balance sheet, "just to make sure it worked", so the end may be nearer than anyone thinks. They might possibly be realizing re: the dollar destruction, the gig is up. If Israel takes out Iran's nuclear facilities, which is looking more and more likely, the dollar will skyrocket and the Dow will fall 1000 points. Don't want to be Long for that one...
