THE SOX GIVES BULLS EXACTLY WHAT THEY NEED
Definition. A sense of perspective. A platform from which to rise. It was all granted today in the most subtle of ways. The SOX reversed, starting around mid-day, closing near its highs, while the rest of the market got pummeled into the close. That's bullish.
In last night's broadcast, I posted the SOX chart, mentioning that a reversal needed to happen around mid-day today in order to keep from becoming a weight on the market. It just so happens that the market continues its obedient, on the edge type behavior, as it has for all of 2012.
Allow me to amplify why the reversal today was as important as it was by commenting on the price action in the chart below:
click chart to enlarge
SOX
