Looks like we got our "Happy New Year" rally as the Fund Managers buy up bargain stocks with the poor little Retail Traders' money. Nothing like paying twice the price for stocks with other peoples' money. Party like it's 1999 again! The "Dot Com Boom" is back, only this time it's the... the... ummm? well what is it? Oh, it's the "Free Money Boom" as the printing press is working overtime to save the day.
Ok, reality check now. Tomorrow should be flat to slightly up... 113.80 SPY is the most likely target. That is where I believe the market will stall. I think will we see a pullback starting on Wednesday or so, and that it will continue into next week hitting the 1103 SPX gap fill level.
Then, a little sideways to up movement into OPX, and down again the following week, with the 1080-1085 area being the target before a decent bounce. Then I'll have too re-evaluate the next move. If that channel line is broken, then we are going down hard and fast. But, I think it will hold and bounce... the question is, how high?
Red
