SPX defends the 805-15 area so far as expected but its only a matter of times that it breaks to the downside. As we have a new moon on Monday and a very positive one as its i exact conjunction with Jupiter and is a solar eclipse at the same time we have a mixed signal situation. Early next week should be positive in any case but the week thereafter should bring renewed selling pressure again. We need to test the lows and actually make new ones to throw the bulls out who thought they had it right calling the low. Thereafter from more appropriate levels we will see the Obama saves the world rally (which will not happen). Sorry for repeating this mantra over and over again bit Roubini and Edward from SOCGEN got it right we need to adjust much more before we have a good value buying point and that everyone should be able to see but its more a matter of not wanting to see it probably.
Friday, January 23, 2009
SPX tech update
SPX defends the 805-15 area so far as expected but its only a matter of times that it breaks to the downside. As we have a new moon on Monday and a very positive one as its i exact conjunction with Jupiter and is a solar eclipse at the same time we have a mixed signal situation. Early next week should be positive in any case but the week thereafter should bring renewed selling pressure again. We need to test the lows and actually make new ones to throw the bulls out who thought they had it right calling the low. Thereafter from more appropriate levels we will see the Obama saves the world rally (which will not happen). Sorry for repeating this mantra over and over again bit Roubini and Edward from SOCGEN got it right we need to adjust much more before we have a good value buying point and that everyone should be able to see but its more a matter of not wanting to see it probably.
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