Stocks have been in a very clear range of 1120 to 1220 on the S&P since early August. In fact, this is the fifth run to get above 1220.
Yes, the past 4 attempts have failed. And as of now, this one may be stalling out at the same exact spot.
Perhaps it is just going to have a consolidation period before getting above. Or perhaps the party is over and we start heading back lower in the range.
So as of this moment I will be looking for the S&P to rise about 5-6% above Wednesday’s close to take the rest of our long profits and get net short once again.
Just so you are not getting too enamored with the recent rise, then below is another dose of the bearish perspective. And certainly I don’t see how the rest of the market can do it without the European situation being more clearly contained.
Europe's Problems Are Not Over |
发表于 2011-10-12 18:20
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