From Minyanville:
Technical Analysis 01 dictates that the time to buy a breakout is when it retests the acne level (where it originally broke out). As monitored in Minyanville the last few weeks, S&P 875 is that level of lore for traders galore. Once mounted, it offered upside affirmation while paradoxically setting the stage for a fresh spate of ursine rage.
There are vicious crosscurrents currently making their way through global financial markets. Between the European Union’s beef with Intel (INTC) to government initiatives to regulate derivatives (a net positive through the lens of transparency but rife with unintended consequences) to the unavoidable truth that this rally, like the post technology bubble lift, is more synthetic than steroids....MORE
