How is it that it feels as if the market CAN'T go down. Have you ever gotten that feeling? The move from the bottom, which was just a few days ago by the way, has instilled that feeling into a lot of people. If you're one of those who's been feeling that emotion, you have lots of company.

That's what one of the most powerful multi-day rallies in history will do. This has been the second most powerful advance to start a new bull market (mini or otherwise) in history. The first place prize goes to.....drum roll please......the advance out of the November 1929 bottom. How coincidental is that? 

That advance may give us a pattern for what to expect here. It rocketed up just like now, gave back some without really threatening the lows, then began a slower advance that went to new recovery highs. That move lasted 5 months and recovered 50% of the 1929 decline. But after that......well, let's just say that it got worse.

So, it should be time for some give back right here. Buying weakness here SHOULD be a good idea. If 740 was reached by some miracle I'd be all over it. A good scary move down would be preferable as too many have become bullish too quick. They need to be punished for their overconfidence.

Go look at the January highs in the DOW, S&P and the $TRAN (transports). If this really is a lasting advance it may end with the DOW bettering those January highs but the Transports falling short. The S&P could exceed them as well. There's a Dow Theory message in there from Tim Wood in case you're wondering.