Actually, this rally might have been triggered by the PPT but its dynamics are not too far from self induced. The Dow did reach and exceed the level sought for the end of Phase I and the Naz was within 30 points (and yes, without intervention it could have gone a lttle lower), but these were levels where the internal structure more or less required the move up. The qiality of the move is so bad and so thin, that IMTO, it is inevitable that we will soon enter phase II of the nassacre will soon emerge. Look at the pathetic number of new highs on the NYSE, despite the Dow making a six straight day of upo movement and more than a 10% advance from the recent bottom, that is pitiful, IMTO.
Zeev
