Monday, April 06, 2009

Everyone is a Bull now? Not so fast…

[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.