Tuesday, March 9, 2010

03.09.10 - Steady Rise to 1,150?

After a small down-side gap fill, equities have continued their relentless upward march in trend-like fashion, now breaking R2 with the SPX homing in on its prior highs.  Although momentum continues its incline, I see participation is a little weaker today in terms of new 52-week highs.  However, I don't foresee a clean break of the prior S&P500 highs (add: say SPY $115) on the first go given OB staus even as the index finally begins to catch up with its small- and mid-cap brethren.

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