Zeev...
How far will it go?? I have no idea since it will not be based as much on "normal" fundamental or technical considerations. AG will run it until enough folks decide he has run out of gas and head for the exits - until then they will sit back and ride the train, playing the game as long as it lasts. At some point, the fundamentals will drive them to lock in profits and reduce exposure to the rising risk, probably around the time warnings season gets underway.
My original thinking was for DJ 8900 and NAZ 1530, just as a wild guess. 8900 may still be doable, but 1530 will likely be easily surpassed - perhaps 100-150 points higher. But again, that is pure guesswork, based on nothing solid. What I will be watching for is a downturn to a lower low on heavy volume (AG should come in and support against the first wave of selling vigorously), and that should signal that it is all over.
Mainly, I am just playing each day by ear, no shorts, but not in love with the long side either due to the risk, so just daytrading, mostly to the long side.
mlsoft
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