We changed the status from rally under pressure to confirmed rally in our Tuesday 4/23/13 update and noted that the bulls are back in control of this market. So far, every pullback this year has been very small in both size (% decline) and scope (days, not weeks). As long as this healthy action continues we shall continue to err on the long side. As we have noted before the market bent but didn’t break…yet.
Monday-Wednesday’s Action: Bulls in Control
Thursday & Friday’s Action: Bulls in Control
Market Outlook: Confirmed Rally
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