S&P 1040, and Still a Bear Market….Update-a new trading range
It is important that one keeps in mind that this rally is due to over pessimism and the big players being out of position. It still has a long way to go because today is the first day that they have realized this situation. It is also important to not forget that even with the S&P at 1040 , our objective between now and mid August, we will still be in a bear market for a long time. We don’t look for the 2007 highs to be taken out until 2017. Some on CNBC are saying that a 20 percent rally from the low makes this a bull market, not.
The EMA ETF Fund Nav was 1136 at the close yesterday.
9:05 AM CDT (sorry…travelling)
UPDATE @ 11:53 AM CDT The run to S&P 889 today sets up a new short-term trading range of 859 to 919 with todays high, 889 as the swingpoint.