What if both hit? Edit: In a way like the other day where we moved 20 pts up and down. News shock again ... when are they going to give us some peaceful time to trade?
Both are signs to begin looking long. In the case of 1180, I would need to see strength there, while 1201 would already show strength. Mind you, I am not saying that I will get long there, just that I will begin cautiously looking long at those points.
I would be a strong buyer here of SP futures. the Bailout failure is a big, big positive. look for a rally of about 1000 Dow points, maybe 150-200 ES points from here.It will take about 6 months.
1000 Dow points in 6 months is NOT a rally... It is a slow climb. We had such a movement last week in 24 hours. Now that is a rally...
that's a given, but how do you know the deal will get signed soon? it looks very unlikely before market close today, and even during the weekend is in doubt. Market is just hanging on still with the hope of a deal by market open next week, when reality comes home and the hope is gone it will nosedive.