Sunday, July 20, 2014

Buy the dip...again!

Visit StockCharts.com to see more great charts.
In what turned out to be a classic fake out, stocks drifted higher at the beginning of the week only to sell off hard on Thursday in the face of geopolitical turmoil in the Ukraine and the Middle East.  Sellers were unable to follow through on Friday as stocks ripped higher from oversold conditions.

The ascending base for the S&P 500 remains intact and just maybe this market will see a parabolic rise before the true top occurs in blowout fashion.