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I cannot say I am surprised to see the S&P up 60 points in just 8 sessions, it has after-all been a hallmark of this bull market to rally sharply out of oversold Cycle Lows. We’re now seeing the type of strength I expected and wrote about this past weekend, as the call to mark it the 2nd Daily Cycle was in the end, the right call. Because the recent flush down into Day 46 was an extended Right Translated Cycle Low, my expectation remains that this Cycle will eventually go on to make new all-time highs.
Just as I completed writing this report, Facebook and Apple posted massive earnings beats. The recent decline across all equity markets was all about the momentum stocks within the NASDAQ, so it is certainly bullish to see these individual stocks up 5% and 7% in the after-hours. I expect this will ignite the sector has a whole and broader follow through will likely been seen tomorrow. Eventually, just like within the S&P, new NASDAQ highs will end up confirming my belief that the recent 10% decline was simply one last sinister bear trap, on the way to a final, bull market top.
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