Been a bit since a formal update here... swamped with too many hours in my MBA program.
At any rate, things look much more bullish now. I am turning cautiously bullish and am waiting to see the quality of the first pullback. The daily VIX chart I have is potentially breaking down, and it has a similar look as it has in prior peaks during this bear cycle. My red trendline off the top is a projection but is not set in stone.
We also have a couple of solid accumulation days now. I think the markets are probably a bit fragile here, but this looks to be the makings of an intermediate term rally. The upside target could be anywhere from 1050 even up to 1200 (although this is more doubtful perhaps).
At any rate, I am waiting for a real pullback to measure its quality.
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