We are faced with the possibility of another big V-shaped bounce, and we finished the week at the market’s highs. It is almost the exact action that dominated the market from September 2010 to February 2011, and then again in mid-March 2011. Once the market starts to run, it goes straight up.
Technically, we repaired quite a bit of damage with the strong action the last couple days. Things are a bit extended and need some consolidation, but the market is back above key resistance and the February highs are just a few points away. The bulls will be looking for the breakout next week with POMO resuming and month end mark up.
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