The December Mini S&P Index is up 3.50 points at 1041.00 making new highs for the move that began at the March lows. The enclosed chart shows that the steady uptrend in the S&P continues with only mild corrections on the way. I hate to say it, but this is very bullish! Markets can go on like this for weeks and months. For now, I recommend standing aside in the S&P and would be looking for a place to get long on dips. The directional movement indicators are bullish and even the ADX line has turned back up. If you insist on trying to pick the top, which I don’t recommend, you better keep tight protective stops. Trade with the trend or stay out!

Sep. 11, 2009
David Hall