Sorry bears, but that is the trend and if you have been shorting the trend you have been wrong since October. CDNX weekly however, has not yet changed trend. There is still hope for the deflationists, doomsayers and crash fetishists.
If we are to move forward with i2k12 (inflationary 2012) establishing itself as THE theme for the election year however, this index is going to move significantly higher off of what is really just a strong bullish hint by weekly chart.
I know a lot of people hate charts and hate chartists even more because we are just practicing voodoo (and in many cases from what I have seen out there, serious doo doo). That is fine because I am not here to win a popularity contest. I am here to be as right as I can be and if wrong, to get right ASAP.
As long as this - and so many other charts tells me to avoid shorting anything and to be open to a decidedly good 2012 for commodities and many markets, I'll just do what the chart says.
The yellow shaded break above the moving average for example, says that the weekly trend could go 'up' soon. The moment this is proven not to be the case, I'll adjust. These are the markets after all, they are not a testament to my nor anyone else's ego.