I dont think its going to happen. This market looks very extended. Moving averages have all be coming down on the daily and weekly. The weekly is the one that stands out the most. The 50DMA has been trading way above that 200 for a long time now and that 50DMA is starting to turn down here. Like I said I am preparing my funds ahead of what I think is about to happen. Could the market go up another 2-500 points it sure could. I am not denying that. Look at the two year dow weekly. Back in 2014 it broke the 50DMA but the 50DMA was moving up solid when the break took place and it ran to 18250 Then dropped all the way down 16K. And that took place in a time when earnings where on the upswing and oil was actually higher. Then in Nov of 2015 it had another big run all the way up to 18K again and then pulled back to that 16K range again. That 50DMA has been coming down ever since. I say this market could reach 17700 or so again and after that it will probably have another hard drop. Again I wish people luck with it but I dont like the averages coming down here. Look at the daily that 200DMA had to come down almost 500 points for the market to take it out yesterday. Also We are still waiting for the true fall out from oil here. It has not happend yet but lets wait until we start getting earnings from the likes of Exxon, BP, etc. Then lets see what the financial losses the banks take from oil prices down here.
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