Thursday, August 13, 2009
The DOW has reached the target zone but has small potential left up to 9750. We should see him above 9500 next 1-3 weeks but thats a selling level which should be used to lighten up dramatically on stocks. We are at least up for a drop back to 8000 but I suspect it might even be more but that we can only determine closer early November. We had some noise about a pullback or correction but as it will not appear that fast people might get more nervous to rush in. I do believe though that the big expitration in Sep for options will be used to frustrate the bears so it can be rather tricky in Sep as many are looking for some sort of pullback. I suspect we will get some wild swings in Sep but the real downside action comes at a later stage. As today for example we have quite some put activity with some guys hedging for that event. In any case sell above or around 9500 DOW!
Posted by getagrip at 2:59 PM