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.

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