No Little Deal
The 860 area of the S&P is a major juncture. In short order the market is going to go to either 660 or 1060. While we have long said that we think by 2011 we will see the 600 area or even lower, it is not now, it will be when everyone gives up and the NO ONE IS TOO BIG TOO FAIL RULE PLAYS OUT. We could be wrong, but we don’t think so.
Pessimism is everywhere, I haven’t see one major economist, including Larry Sommers, put out a beginning of year forecast that showed that there was going to a major turnaround. That is fodder for a contrarian. So we are holding out for a JANUARY SURPRISE, something that will set the pessimists on end for the next 18 months. It will be out of Washington.
NAV for the EMA ETF Fund was 998 at yesterdays close. We added more gold positions yesterday.
7:15 AM CST