Cyclical S&P V-Bottom
From a technical market perspective the sell-off in stocks over the past 8 trading days was an attempt to turn the V-bottom in stocks into a double bottom or even a new secular low at S&P 640. Obviously there was a lot of bad fundamental information poring out based on past sins of the bubble buyers in many different economic sectors.
I will restate again, I believe that the November 740 low was a cyclical V-Bottom low that will not be tested until Washington runs out of bullets in a few years. In the meantime we still are using the optimum upside level of S&P 1265 as our target. The past week has been a time to make additions to your portfolio on the sell-off.
The NAV for the EMA ETF Fund was 970 at yesterdays close.
8:24 AM CST