Look back over the past, with its changing empires that rose and fell, and you can foresee the future too.

— Marcus Aurelius


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Wednesday, February 13, 2013

Consolidation over?

DAX and FTSE have been consolidating after rally from November lows.  Is the consolidation finished?

It's looking increasingly like it.  Markets have given very little back; bears will be getting nervous, and buyers seem to be pressing.  The next rally could be the end of this run, but with quite a lot of bears around it may run further than expected.

Looks like it has respected the channel it is in and bounced off the mid point
rally should head towards upper boundary 6426


seems to have found support at 7570
above 7726 should accelerate as bears give up
target minimum the highs..7860 though probably higher

NDX Nasdaq 100

After the big gap up traded in range 2700 /2760
very dependent on AAPL 
BUT has broken above that range
expect support 2750.2760
rally should carry eventually to 2890 or higher
Use AAPL weakness to buy dips!!


Stiff resistance at 500
probably range bound 440 to 500


 high level consolidation
everyone "expecting " correction
so probability is it heads higher..
a break above 14200 may accelerate

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