The upper levels from yesterday have not changed for me: 1240-1245. Another spot, 1253.30, is a gap from yesterday that may act as a magnet, too.
The S&P never got to 1209 which is the 38% retracement from the 1292.66 high. Dare I say it is still in a technically bullish formation, but it would have to do a lot of work to convince me.
No, I think it sent a clear message yesterday. I think it has sent a clear message since 1292.66. I think it's saying that we're in for a long bear market and it's just starting.
Regardless of what I think, the market does not go down in a straight line. Any weakness today would probably target 1200. Somehow I feel today's surprise could occur to the upside, though. Bernanke and the Fed are likely quite scared and could attempt to hint of goodies left over from their Halloween party.
Recall that in his latest testimony to Congress, Bernanke basically admitted that jawboning made up 50% of their remaining bullets.
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