[quote=Chris Scoreboard Johnston]Just look at a weekly chart of the Cash SP500 it will give you some perspective on this rally, it is in my blog. This bounce does not look like much when you view it that way.
Although I am long the futures on a short term trade, I am looking for a short position entry to setup to reverse my trade. As I state in my blog, I expect this rally to last into May/June, then another sharp down leg to follow. In analyzing the COT report, I do not see anything in there to indicate we have seen the ultimate low yet. There has been some buying but not a large amount.
My opinions on Barry and the interns (Obama and Co. )do not effect how I invest/trade my money. [/quote]
Chris, I agree that we have gotten ahead of ourselves here. But while I was previously thinking we’d head down to 600, now I’m not so sure. I think it’s 60/40 that we hold the recent low, that perhaps that was The Bottom.
Do you think the next leg down will take out the previous low? 600?
What does your voodoo tell you? (To be clear, I only call it voodoo because I don’t understand it – not that it’s not valuable.)
