Cobra's Market View

AK84:

Why am I bearish? Below is the weekly chart of the Russell 2000. The Fib retracement levels (grey solid lines) are from the prior high on the monthly chart; note that we have recently made a second touch (for a possible Double Top). The uptrend looks less impulsive and more corrective to me which creates a bearish bias. I believe too that the liquidity provided by Bernanke is the only reason we move up at all. Looking at the waves, I note a possible Wolfe Wave with a target well below where we are today. If prices move above the 100% Fib in a significant fashion, I will become bullish.

RUT: http://99ercharts.blogspot.com/2011/04/rut_27.html

Bears here just keep making dumb bear bets. Hey I've got news for ya the trend is up! Some here have been bearish since this forum started.

do think we are due for a pullback but will go on to new highs again after that.

Institutional actions from StockTiming. Overall, my reading is bearish, especially unlike the previous times, this time despite the market skyrocketing high but there's simply no institutional accumulations here.