Unfinished Business - update 1 (10/15/10)
Chances of a major reversal at levels below the April highs continue to diminish as the Dow and the Transportation Index are within points of a fresh high. In addition, FTSE (which has a high correlation with SPX) is nearly at a new high as well. Regarding downside risks, a pullback around current levels are likely (see the latest weekly commentary) and fake breakouts are not uncommon either.
Globally, the following markets have exceeded their April highs as well as their 2009-2010 retrace highs:
$djw - DJ world stock index
$tsx - Canada
$dax - Germany
$hsi - Hong Kong
$bse - India
$kospi - Korea
$inm - Malaysia
$sti - Singapore
$seti - Thailand
$ndx - U.S. Nasdaq 100 index
$ftse - U.K. (nearly there)
$twii - Taiwan (nearly there)
