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Wednesday, February 3, 2010

Bounce is on...but not for long

As for the markets this week, well, we're deeply oversold and I think a correction of higher degree may happen this week. 1060 on S&P may be a launching point for a rise up to 1100 points maybe... but the goal here from now on is trying to spot the tops and not finding bottoms. Market has changed...

It seems what I said on the last post is on. We're now at 1100 points after a launch from 1065 in S&P. So now what?

Well if you look at the graph my perspective is within the box, we'll make a top and start going down once again. That is my perspective. If indeed is correct, the decline will be more powerful than the previous one. I think a decline of 100 points is not out of the question if that turns out to happen. A decline from 1100-1115 to 1000 points-1013, which coincidently is a strong support.

Here is the graph:


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