In last quarter’s update on COMP, we suggested its immediate upside potential was to the 2000 top at 5132 [see: Mar 23 Update.]  The timing looked like late May.

All it took was a Fed president hinting at additional QE, and the BOJ greatly expanding their already enormous QQE.  After a close call on Apr 27, the actual tag occurred Jun 18 — a little over 15 years after the previous bubble popped.

Will those who rode the NASDAQ down nearly 80% be interested in sticking around now that they’re back to even?  Will new money find its way to this, the most volatile sector during the two previous crashes?

continued for members…

The effort that Bullard and Kuroda put into getting COMP over the .886 hump (a Bat Pattern) was impressive.  But, after leapfrogging it, COMP reversed fairly strenuously at the 2000 high.

Much rests on Greece and the ECB at the moment.  COMP has found adequate support at the red, dashed TL if they come up with a plan that sounds workable.  If not, there is plenty of downside potential — starting with the red wedge bottom at 4648 and followed by the .886 down at 4673.

Stay tuned.