With friday A NON exciting day, the nasdaq or the leader of the market seems to be in a range right now. Above this range is BULLISH, below is bearish. The longer term picture is still bullish in my eyes.
There are some who keep trying to call this market a top, and there are a few blog writers out there who have been calling tops ever since MAY 2013 this year. But when you take a look at this chart, you can clearly see how wrong they were....oh dear! Make no mistake about it, we are in a BULL MARKET not a bear market like some out there think.
You can see in THIS POST HERE - CLICK HERE TO SEE we have been warning our readers not to fall in love with the downside months ago Back in MARCH 2013.
Here is another post in September THIS POST HERE - CLICK HERE TO SEE
Where we warned people not to fall in love with the downside.
Since then we have skyrocketed. But hopefully you were clever enough to work it out for yourself. This was posted a while ago, and many laughed at us.
I hate to sound like a broken record, and ramming it into our readers minds, however the chart below has a series of higher lows, and higher highs...which is..you guessed it BULLISH :-) This is a chart that goes from the bottom left to the top right. If you think that is a bearish chart, you may need clinical help. LOL.
2013 has been a fantastic year for the bulls, so even if we do get a dip here late in the year, it will not make much difference, and personally there is still money on the sidelines doing nothing, and with massive QE and the thoughts of a pending XMAS rally, the next few weeks will be interesting. Just putting a few thoughts out there as no one knows what happens next.
Again, I am going to sound like a broken record, even if we do get some more selling off or profit taking on the market, there is still not reason to fall in love with the downside for now. That could change at anytime, but for now, it still seems to be holding true.
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