>From Marketwatch...
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The Technical Indicator: S&P 500, Nasdaq surpass technical milestones
By Michael Ashbaugh MarketWatch
7/28/2009 12:49:00 PM
While a near-term pullback is long overdue, the U.S. markets have cleared major resistance, placing the longer-term market outlook on bullish footing.
See full story
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Yes? No? Maybe so?
-cal-
----- Original Message -----
From: Dave Rubin
To: 'CANSLIM Stock Investment Group'
Sent: Thursday, July 23, 2009 5:06 PM
Subject: [CANSLIM] Mkt
Interesting how this group has been so quiet yet the market is making huge strides and there are CANSLIM candidates breaking out every day.
I think today has the whiff of a climax run for this market, at least for now. This simply cannot continue without pause. Tonight's disappointing earnings from AMZN and MSFT could start a wave of profit taking here. Will it be a second chance opportunity to get into some far extended CANSLIM names? Or maybe the start of the summer correction many expected just 2 weeks ago, now that many of those people have thrown in the towel, covered their shorts, and turned bullish.
The head-and-shoulders on the S&P was too obvious and widely publicized to succeed. Now I fear the same is true for this new "super bull" market. Overbought indicators are at levels not seen since October 2007, which wound up being the very top of the last bull.
Good luck to all.
--
Dave
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