Friday’s price action produced conflicting signals. Although our 14899 downside target had been decisively exceeded a dy earlier, this was followed by a very robust, impulsive rally. On balance, we should defer to bulls when stocks start to trade Monday morning, and traders should go with the bullish flow. However, if rallies of lesser degree start to fall shy of their ‘D’ targets, it would cast doubt on the integrity of the melt-up begun from the lows.
