[Posted and emailed on Contributors’ Site on Sunday April 5th at 4/05/2009 02:39:00 PM]
Oh well, this is just the way I like it – market selloff when none would expect it and the only trade working (in a zigzag manner indeed) was THE LONG trade during the last three weeks. Perpetual bears like Tim Knight from Slope of Hope (why every time I stop by at his site – in comments sections there are no old names? What is with turnaround – any reason?), Mole from Evil Speculator and many others have very nicely looking (for Bulls that is) projected targets at about 880 S&P area – how lovely and I tend to agree with that target (after all – I was the one who called the bottom in my posts as of March2-March7 2009 … but NOT YET.
Here what I think will happen on Monday April 6th 2009.
SPX (S&P500) will go up to 848 during the day (or overnight session for /ES S&P500 Futures) and then “unexpectedly” will start descend down to 810 area – we are not done with that “Blue line” YET.
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