While the market never acts as expected, I am also looking for a run up to the 110 level on the SPY with a retracement that will form a reverse head-and shoulders which will be the beginning of a cyclical Bull market lasting a couple of years. But I do not expect new highs at this time, unless things get on track much better than I think they can. Since I cannot predict the eventual big swings, I am simply accumulating for the big two year run up.
Yes you pretty much got it bang on. The bottom line will be corporate profits and consumers returning. With oil costs easing if corporations adjust pricing soon enough the consumer will be back. I'm looking at this time next year to be technically out of a recession and back on the road to expansion again. The fly in the ointment is the government debt that Bush created. I'm not really sure how that will play out.
no ..he said we need to scale in.. perhaps Mandlebutt can tell us when considering JOAB is in the bahamas...
The 830 - 835 area (on the ES) needs to hold for this bullish leg to continue. *** The original CALL generated almost 100pts of profit, and was delivered before the Market Open. I don't operate on that time-frame, but I know good trading when I see it.
By the way, the original call was for a market bottom not a short covering rally. He specifically stated the bottom was in. Now if we make lower lows then I guess this email will be flushed down never to be seen again.