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Friday, June 15, 2012

Perfect Finish But It's All Clear for the Bulls

Despite the epic Greece election pending this weekend, the market rallied hard.  That by itself is remarkable.  The market wants to go up.  The Greek event may be just smoke and mirror, allowing the market insiders and institutions to steal shares from the fearful retailers and load up the boats.   Look at the money flow today:  tick up/down ratio of 2 to 1 with $12.5 million of money flow on block trades!

The dilemma is no more.  What a difference a day makes (see yesterday's post on indecision). TraderFlorida exited his short positions.  His bearish view has been a major headache for me as of late because he's been simply red hot (shorting AAPL, CMG, and LULU).  I dare not to fade him.  The_Real_Fly declared his victory today with FB up 6%, ZNGA up 10.5%, and YELP broke out, up 5.5%.   Buydonthold.com's buy signal has been out a week ago since June 7.  And the most conservative signal, BPCOMPQ finally flashes the buy signal at the end of the market TODAY!

The SPY had a perfect finish today right at the 50 day EMA and the projected upper trend line of the current down channel.  This make it hard for the not-in-the-know retailers to enter long, but my suspicion is that Monday the market will breakout, giving all the price actions today and all the indicators available.  It looks like it's all clear for the bulls.   I relented as a bear, shying away from making any bearish bet.   Not entering on the long side is the most I could muster up today as a bear.

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