Thursday, July 23, 2009
The target is reached 1580-1600 but it will not be the final one. For now we may have got to the tricky level though as big tops are always made in a manner that screws the bears after tricking them in. We should see a correction from these levels mostly next week as this weeks Solar eclipse was far to strong and Goldman fabricated together with JP Morgan and as i,t becomes clearer also Credit Suisse a perfect short squeeze scenario which started with the brake away lap of Intel last week. Furthermore we shall see a intermarket divergence as one of the leading sectors of the early stage is a total under performer for good reason the banks. The 200 points up should be followed now by a 50 even 80 points correction before another wave comes and the SPX may be the one leading in the final stage of August as we will go above 1000.
Posted by getagrip at 5:58 PM