Thursday, March 12, 2009
The whole process is in sink OIL and CRB have made their lows and will start rising substantially soon. Target for the CRB in the first wave is 250 but we actually should even trade up to 300 finally within 2-3 months. A long term analysis might turn out much more aggressive in terms of target levels. Stock markets confirmed the bottom as the SPX close above 740 and we are now in a multiweek upside move. The way things look will be confirmed with tomorrows close as the first impulse wave up should soon come to an end and a pullback is mandatory. I rather expect for next week to happen (first half) as we have plenty important meetings over the WE and Monday is day 5 of the upmove which tends to be corrective. 6th March the day Venus went stationary turned out to the exact impulse to turn the markets which will last til mid April. Even the Investor Intel. reached the extreme levels as well with 26.4 bulls and 47.2 bears - not as extreme as the November readings but even that is a bullish divergence.
Posted by getagrip at 4:40 PM