Last week was the best week in 2012 for the markets. We laid out the bull case last week and it played out perfectly, but where do we go now? Again I laid out the bull, bear, and neutral case going forward. We are still caught in a downtrend but another push will break us of those levels. Look for the bulls to come on strong before consolidating at 1340. The bears need to go ahead and start the sell of now to take advantage of the downtrend. The market is already short term overbought so sideways action would be good here. A lot of news coming from overseas is going to guide this market. Be careful for sell the news types of events. How much was the good news already priced in?
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