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Today's action -- charts say...!

... no damage done. Absolutely none. The charts for the major indexes show just a blip without any real damage. The Dow and S&P both did not breach their key levels. A major uncertainty is removed from the scene now that the stress results are out.

Markets never go up in a straight line. It is the nature of the beast to have a pullback every now and then. Pullbacks serve to shake the weak hands and help strenghten the trend rather than weaken it. This is because any straight line up without a break is seen as highly suspect and so a pullback every now and then gives more credibility to the trend.

What is interesting is that many bears are focused on Friday's unemployment number as if that will turn the tide against the bulls! We have now seen several weeks of uptrend that has held up against some dire economic statistics and with a major banking uncertainty hanging over our heads. How will tomorrow's data be any different than the continually improving data points in the past few weeks? What I mean to say is no matter what the number is it would appear that the market will see it as positive and in line with the continuing trend of less-than-ugly news. That is the only way I can explain how the charts have held up several weeks in a row with this bull trend.

As I have noted in a previous blog past pullbacks such as today's should be seen as a reload opportunity by the bulls.