The Three Day McCain Rally
All of our technical indicators for the S&P 500 fell in place mid-day on Friday for this last market bounce to 1339.Â Oil and gold are on the defensive today and helping the stocks to rally. Â We are 85 percent net long over our total portfolio coming in to the month,Â but we don’t plan to stay that way for more than a few days.Â If this is, as some say, “The McCain rally”, it will be short-lived for many reasons, mainly technical.Â
In our opinion the oil market decline will go a lot further over the next year due to a combination of weak consumer demand and hyped positioning at the highs.
8:03 AM CDT