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as long as the JPY is strong, any Stock Rally is in Danger?
Buy the dip mentality is still here, very difficult to kill a bull market for sure. It will keep on going that way, retailers and fund managers buying the dip, but each time with a shorter bounce up until that stops working and we flash down.
It will take several months, until sep12 in my option...
This market resembles a lot the 1998 one, take a look back and see how each month back then could relate to this year.
We will have a lot of bounces along the way for sure, a valuable gift for us traders that crave on volatility :-)
The first rebound in 98 after the first correction made a double top, nearly taking out the highs of the year before the market went back down.
I suspect we will see a similar pattern this year too.
Note how this up leg is made on a fading volume, an indication for the "smart money" and "market makers" behaviors in my opinion.
Successful people will do what unsuccessful people won't or can't do!
ThatManFromTexas
Thank you for your chart, this is definitely very interesting, and as one clearly sees, on the long run the markets can only go up
Can you post the chart of 1998, only the 12 months period from january to december?
I believe that would give a clearer idea of what I mean, the rally in january and february, the first dip, and then rally back to the high of the year before turning back down and so forth...
Cheers
Fadi
Successful people will do what unsuccessful people won't or can't do!