Quotes from BofA Merrill Lynch:
- While price action has exceeded our upside target of 3553, evidence says that this is a very late stage advance at very high risk of a correction.
- The completing impulsive advance from the Jan lows, the persistent loss of upside momentum, and 15yr t/line resistance says that we should remain on the sidelines.
- For now the risk is for a VGH5 pullback to 3430/3338 before renewed basing. Big picture, we remain bullish the cash index for 3800, but not here or now.
