Well here I sit in VERY cold NYC. It has been a pretty fun day, and now it is really late but I said I would do the daily analysis… so I’m doing it.
The market held the break out zone I talked about this morning and last night. This is a good thing and as long as we hold above that level it is safe to assume we continue higher. Basically all we are doing is stair stepping higher, which is the best way to do it. I remain bullish, and I will let you know when I become bearish. Keep in mind that when I become bearish it will be because of the charts telling me so (a reversal, engulfing, etc), I do not base my market sentiment on anything other than charts. That being said it is key for you to use stop losses right now. I am NOT bearish right now but that could very well change if something wild happens on Tuesday. Because of this unforeseen risk you need to have the stops placed and not solely really on the bullish-ness of the market.