Monday, August 24, 2009
target zone 1030-50The SPX has (almost) reached the - time to sell substantial portions the next days. One only needs to be very discriminating as some sectors will still have some scope as oil related stocks might still do better we have not reached my target of 78/80 yet.Ironically also some financials have some margin left but with a far bigger risk. But that are not trades for investors - the tricky part will be that we are not really ready for a big retreat yet as some of my indicators are not at the levels they need to be and quite some people looking for a correction (even bulls) makes it tougher not to run into the trap that this manipulation pool wants to create. They will let the market retreat a bit and lift it back up so we should see a kind of double top around 1035/50 over the next 3 weeks and we will see an intermarket divergence as the NDX will have the top earlier as China had.
Posted by getagrip at 1:02 PM