What a great day to be a bull. Advancers are trouncing decliners with spectacular volume! We’ve cleared the 20 day EMA (12,310) target I pointed to earlier with strength, currently at 12,596!! It was a clean sweep on the 50s as well, the DOW (12,404), the S&P (1347 ) and the NAZ (2326). Yippee!!

Now, to recap, I called this rally early this morning, around 1 AM, dubbing it the Ying-Yang rally. The only problem was that it was too hard to see yesterday, because we were sitting in the middle of a band. And I suggested it best to sit on the sidelines. I do not regret that move, even though we missed out on a great gap up. I had been predicting a near term rally before that as well, but just didn’t see it being so hard and so fast.

As always, you should use weakness to take positions.

Some notes: the NAZ is sporting a long term inverse head and shoulders pattern. The neckline is at 2348, should we cross that, I wouldn’t want to be a short, cuz this thing’s gonna blow!!

If we hold these levels, the trend is up. That’s a wrap.