THE DOT - if this turns orange or red be alert

Wednesday, May 26, 2010

SPX weekly update

As I stated before around the 1050 the first target area we would see quite some bouncing activity. We had 2 daily reversals around this level so far and very likely will have a leg up to the 1100-20 level at some point right away is one scenario but we also can break lower and bounce from a lower level like 1000-20. The Euro will have to go down or below to 1.22 once again but will very likely bounce back above 1.27 this time thereafter. If we take that as a temp. lift for stocks correlation. The 28th full moon in Sagittarius is not afflicted and might support markets for a few days but right after we will have Saturn and Neptun stationary on the 3oth and 31st which is pretty bad news for the hurricane season and the oil spill - for the time being stick to your shorts.

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