Unfortunately I have to raise the white flag on the near term bear case right now. I expected the market to show near term significant weakness. The bears once again failed at their job.
I am very concerned now about a huge upside move in the market. The QQQ has been very resilient. The bear flag is now a non issue and is too mainstream. The bear flag is destroyed. Even CNBC is talking about it. Now it cannot happen that way.
The QQQ has an ascending triangle bullish structure and AAPL looks like it is within inches of blasting to new all time highs.
The bears had the ball today and fumbled. How pitiful. They just can never seem to get the real job done.
Now this market is at risk of a huge rally into QE3.
I am issuing a BOT long signal now at sp500 1172.
One of bigger problems is that while Europe indices have been getting crushed, the USA indices have not been crushed. Instead they have held ground quite well. This is a sign of strength.