I like to listen to Basil Chapman, purveyor of the Chapman wave, on TFNN every once and a while and he has been steadfastly bullish through the whole summer. While all the bears were pounding the table before the big subprime sellof he would consistently counter with the simple phrase, “look at the charts, are they bullish or are they bearish?”. Of course the charts did look bullish and possibly even more bullish now.
While I expect some resistance as the S&P, Dow, and Nasdaq all approach their highs, looking at the charts today, I’m sure Basil would agree that they look bullish.
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