Thursday, October 18, 2012 10:15:15 AM
Pretzel view and charts:
"For several weeks, I have projected that after this correction completed, the market would make new swing highs for the intermediate term. In the most recent update, I discussed two short-term possibilities: a short-term turn near 1444-48 SPX, or a run directly to new swing highs. I listed 1453 as the key level to differentiate one outcome from the other, and the market both sailed through that level and also closed above it, which now causes me to favor the view that the bottom is in at 1425. It's simply going to take a break of that level for bears to get anything going at this point."
"For several weeks, I have projected that after this correction completed, the market would make new swing highs for the intermediate term. In the most recent update, I discussed two short-term possibilities: a short-term turn near 1444-48 SPX, or a run directly to new swing highs. I listed 1453 as the key level to differentiate one outcome from the other, and the market both sailed through that level and also closed above it, which now causes me to favor the view that the bottom is in at 1425. It's simply going to take a break of that level for bears to get anything going at this point."
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