Short term, yup we could have a sharp retrench (excessive optimism in the 10 DMA all over, sox at 90%, and Naz trin well under .75 (see my reference to Les pot on that, Frida was the same) and EPC dropping under .5. However, the taking of 2007/11 (and gaping there too), indicates to me that the down trend in force since January is, for the time being, terminated. This with the fact that the longer term above DMA are far from excessive, and that we really dd not reach the real .4 or so extremes in the EPC, and that most BP are now solidly above their 14 DMA, is quite bullish medium term.
