Ok good, finally a piker-less post. Now take the next step and acknowledge how Ghostzapper made a tremendou$ call that the S&P would $tall at the 2000 high$ !
I don't know about that volente. A close below 1516-17 on the spoo will not be good. It held yesterday, but today not looking so hot.
S&P about to break below 1500. Who knows how low it goes from there, assuming it holds? I did not anticipate this kind of institutional selling. And yes, it is institutional selling. Lots of money flowing into fixed income!
posted at 10:08am on 6/1/07. posted within 1 point and i minute of the exact intermediate term top I was predicting! Unbelievable !!
The SPX started this decline < 1% above its 2000 closing high of 1527. The most obvious observation here is the market technician's favorite saying, "Prior Supply becomes Current Resistance." Simply stated: "Millions of investors never sold their overpriced 2000 holdings. Now after 7 years of holding, they finally have their long awaited opportunity to breakeven."
Great post ! You just uncovered 1 prime reason I knew the S&P would stall at the old 2000 highs. This threads premise has made me +5% this week ! Yes !
Is there anyone who wants to comment on this thread given what has occured in the stock market this past week ?