Short-term rally?

Short-term rally?
Riding the price channels.
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Two weeks ago the CNBC monkeys were telling us to "buy the dips." Now that the picture has changed they are telling us to "sell the rallys." What's common is that in both these senerious they are telling us to be invested. I guess they forget that holding cash is a position too. But do you notice they never tell you to hold cash and sit on the sidelines?

Anyways, on the short-term hourly charts I'm watching and waiting for a bounce to the top of the decending price channels. The question I ask myself is if we get to the top of the channels can we break out?

As for the Dollar, it does look like this a good place for a pullback, we sure could use it...

Take care... Jason

 

[FordMan]

The problem is you don't want to be out of the market when it takes off. I'm more inclined to think the price action will be up, and not down, from these levels. Remember in 2000 the S&P500 was 1500? Now it's down 33% from that high, that was retested briefly in 2007. If you believe the long term trend in up, then 10 years from now we should be at least at S&P500 at 3,000. That means we have a few good years coming, if they don't spend the country into bankruptcy.