Experts Are Always Late To The Party...

Experts are convinced today during some conference that the US stock market is going to be positive this year, predicting S&P500 of above 1000 points. Where have they been during this 670 to 919 climb? They missed a 250 points climb and are now predicting a lesser than 100 points for the rest of the year... sounds like they are late at the party... AGAIN.

Well, the Dow was raging bullish today yet again, fighting off early profit takers on good volume. It is now right in the 8500 resistance zone and yes, this is yet another highly dangerous zone. The good thing about this intermediate term rally is that it is nice and gradual. It is such gradual rallies that has the power to last. Every up day signifies a gradual victory over the bears instead of a greedy everyone-in kind of move. Investors are probably going to be cautious tomorrow with Job report coming up on Friday (see stock market calendar). I suspect that the reaction will be positive whether the number come up beating or failing expectations. More and more technicians are willing to bet on a peak unemployment reversal recently.