9:00am (EST)
“The slight pullback we got in the prior week was short and sweet but it still doesn’t mean we can’t get another one. The bulls have impressed us with their test to our fluff targets of Dow 13,000; S&P 1,375; and Nasdaq 3,000 and we are bullish for 2012 (new subscribers, see 2/5/12 Weekly Wrap for upside targets). However, we are always looking over our shoulder for a bear attack and a lot of people who have been out of the market are now starting to come back in. Barron’s calling for Dow 15,000 didn’t help matters.
This makes us nervous but we will go with the flow.” (END)
The bulls got back-to-back victories after winning a shortened week while the bears did their best to break short-term support. Following a choppy week that started off well, the market traded in a tight range before gaining ground. Friday’s close wasn’t spectacular but it was enough to at least keep the momentum going which is what we predicted by last week’s aforementioned comments.
With February drawing to a close, March is setting up to be a harbinger as the market looks to break out of a 4-week trading range. After looking at the long-term charts last week, we will take a look at the short-term picture to see what events or catalysts will shake, rattle, or roll the market this week…
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