Richard Ross: This Global Rally Continues To Have Legs

JC Parets
January 25, 2012

Chartered Market Technician Richard Ross has always been a favorite of ours here at Allstarcharts. The global technical analyst at Auerbach Grayson said today that he is bullish on global markets for the first time since last May. He was on India's CNBC-TV18 where he went over a few positive developments:

"I think what's important to take away from this is that the market is acting extremely well. We have seen a rally which began in the fourth quarter of last year which carried that momentum into the New Year with the surging gain, not just in emerging markets but developed markets here in the US and Europe.

So regardless of what happens, this market, whether it's earnings, whether it's the IMF kind of a warning that global growth will be slowing, whether it is on the political front or these European sovereigns fears which continue to be out there, the market is digesting them.

They are looking past these concerns and they are pushing stocks higher. We remain bullish now on the market for literally the first time since last May. We put out our piece on planning, we have had a change in sentiment from a bearish view to a now bullish view and we think this global rally continues to have legs here."

I agree. Good news, bad news, no news, we're seeing strength from the right areas. The reversion to the mean trade has been working in the stocks that were left for dead last year. Leaders (eh hem $AAPL & $MCD) are making historic highs. Treasuries can't seem to rally even if stock market averages are down. Until further notice, the risk-on trade is working and it's tough to fight it.

If you're a member of the Market Technicians Association, Richard Ross will be speaking at the Bloomberg building in New York City next Tuesday January 31st at 5:30PM. Click here to register if you're a member or affiliate of the MTA.

Can't wait.

 

Also see:

Technical Analysis: You Can't Handle the Truth - Richard Ross Oct 4th 2011

 

Source:

Bullish on Mkt for the First Time Since May (CNBC-TV18) $SPY $TLT

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