Careful What You Wish For

If you've found that the recent rally has negated fundamental theses, or pinned technical indicators in overbought conditions that have rendered them useless, the next few weeks could increase your frustration level for entirely different reasons. While this action has caused much trading angst, it is nonetheless difficult to hate a rally; on the other hand, it is pretty easy to hate choppy price action that leads to a pullback.

The weekly chart of the S&P 500 Index shows that the rally has been defined by the uptrend line drawn off lows in October and November of 2011, and in June and November of 2012. I have highlighted this chart several times in the past, when there were coordinated crossovers in the relative-strength index, moving average convergence-divergence and Chaikin money flow....310 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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