""They are buying every dip but the dips are becoming shallower. Should we get a breakout over 10635/1175 there could be some serious buying and short covering. Regardless of what we think may happen we need to keep those stops in place and our fingers crossed. The earnings warnings cycle has been very calm to date but that could change at any moment. Remember, the biggest surprises occur when you are not expecting them.""
These next two weeks are going to tell us a whole lot. IF the mkt doesn't start to complete wave down on earnings, it's going to follow the least resistance and move up. I am leaning toward seeing it move up, simply because I remember this quarter last year, and believe that it will be hard to not surpass those numbers.
SPX, I would say 1200 is probably more of a key. But if you look at the recent chart, you can see why he is calling 1175. Looks to me like it's going to happen. Sure, the numbers don't really back it upp. But these guys are sitting on tons of money, and just itching to put it into a return.
Semiconductors sure seems to be what is going to lead the bull. It's breakout in early March was really strong. Looking at the recent SOX chart, it's hard to not see it as bullish.
imho, Jerome
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