Are Wild-Eyed Speculators About to Make Mr. Market’s Day?

by Rick Ackerman

The shockingly powerful rally from March’s bombed-out low has stalled in a very unshocking place, three ticks beneath a secondary top recorded just before stocks really fell apart. So far, the pullback has been shallow, implying bulls are sizing up the challenge presented by all-time highs achieved in mid-February.

Getting there would be quite a feat, considering the global economy is probably no better than a 50-50 shot to avoid a full-blown depression. We’re more interested in the technical aspects of the rally, however, since an ‘impulsive’ thrust exceeding the peak by even a penny would refresh the bullish energy of the daily chart.

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