Vester-2000 --re "smart money" Mom and pop money has been thrown into the market for some time. What we have been seeing the last two weeks is the capitulation of the smart money bears. Richard Russell (a long term bear) is a case in point. Days to cover are now at 52 week lows. When there are no more bears the market is at a top. Right now there are very few bears left.
This board is different. Influenced by the bearish among us we take a different view. Some here trade short term indicators and mechanical systems and do very well and wether we reach 1060 by Dec. 16 or not matters little to them. Others are intermediate swing traders and they try to follow mechanical systems. I do not. I use trends and patterns and wave counts and indicators and though I trade short term I like to know where I am going.
I don't know if this helps you or not and I may have more to say after I give it more thougt.
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