Summer rally? Of course! There is always a rally of some sort in summer. Also there is usually a pullback, downtrend, or reversal. The market always varies on short term timescales. IMO, most summer action is pretty meaningless.
The point is that while we are having excess optimism here in the Naz, this optimism (coupled with volume expansion and price breakout above the 2011 or so on the Naz), sometimes indicates a change in the street outlook, and sometimes indicates exhaustion. We'll now which only after a consolidation is held above critical price levels. My best guess is just a marginal violation of 2000. A violation of 1945 would negate the current bullish outlook, and the recent optimism would once more be indication of a exhaustion.
Right now, apart of short term retrenches, I think that a more optimistic point of view should be taken (remove for now that target of 25 on QCOM, it may come ac later in the year).
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