an tSionna: Yesterday's Charts.

One thing I thought I'd mention from yesterday. Market rallies like this are subject to short term rapid corrections that will relieve the over bought condition. I've printed a chart from the last time we saw a trending summer bull market to illustrate. {Double click to enlarge). Markets don't have to relieve this condition this way but it becomes much more of a possibility when traders have made pretty decent money in the short term and start looking to protect their gains. Of course I'm not saying this is going to happen but it wouldn't surprise me to see us have a down 1 or 2% session one of these days.

*Long ETF's related to the S&P 500 in client and personal accounts.