Bulls Still in Control - Posted by Coolhand

Friday's action saw the bulls rally the market to cap a great week. All 3 TSP stock funds were up more than 2%. And so far, all 3 TSP stock funds are up close to 10% or more in the month of November and we are only mid-month.

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The action may have had a bearish feel to it earlier in the week, but the charts themselves are not bearish. The brief turbulence was unusual and many (including myself) were questioning whether the rally had peaked. While the market hasn't exactly begun another leg higher since the peak from last Monday, price on both charts has closed near its closing peaks. Momentum is still rising.

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Breadth turned right back up after slipping on Thursday and closed at a fresh all-time high.

The TSP Talk survey came in neutral this week. We are not quite as optimistic as NAAIM, which came in bulled up.

My indicators remain bullish, which includes the smart money. I want to see price clear (close) above the intra-day peaks from last Monday. With the smart money bulled up again, the chances are good that this market will trend higher. I would only caution that headlines may still cause continued intermittent turbulence, so we have to be prepared for that.

I remain bullish.