IBD Calls Market In Uptrend

IBD called the Market In Uptrend in this morning's edition.  Even though there has been no follow-through day, the action in leading stocks and the extent of the retracement of the February/March correction has led them to conclude that the uptrend has resumed.

Both the equity only put call ratio and the VIX are confirming the uptrend.  I would have preferred to see the PPO of the EPCR fall to the deeply oversold area around -20 as it did in May 2010, but the recent low around -17 matches the lows of other pullbacks since the cyclical bull market rally began.  Now the PPO of the EPCR has broken out above its recent downtrend line, which is a fairly convincing confirmation that the correction is over.  The rally should continue until the PPO reaches +15 to +20.

If the T calculations are correct at Terry Laundry's T Theory the rally should last until at least the end of May to the end of June.