Very long base indeed, 5 complete months. Jan 30 breakout has not failed yet, but it was close to activate the 7% sell rule. This usually happens to a breakout from a long base. So I guess its only necesary to keep waiting for the breakout follow through with VOLUME. Todays reversal with an up market might hints that this basing process could continue .
Good luck to longs, I am looking forward to 120 on qihu. If follow through does take place, 120 may come fast.
On Schwab site on BIDU:
Fourth Quarter Earnings Announcement Expected: Earnings will tentatively be announced Tuesday. The consensus earnings are $1.36, with a high and low of $1.49 and $1.26, respectively. The mean has trended downward from the last estimate of $1.37.
Expected Timing: After close
The date was gathered by Wall Street Horizon callers, but it is still considered tentative.
At least for several days. no brainer, go long. Yesterday was unclear, today leaders (fb, wynn, chinese internet, ua, goog, biotech, all leading sectors ,etc) are up big.
I have been studying latey several market tops charts, and I could be mistaken, but this sure looks like a market ready to fall. Some leader have fallen, but most leaders are doing just fine. But it has been a long run.
May the market continue to rally , to 200 on the spy, or have a nice pullback , maybe to 173 on the spy.