Monday, March 30, 2009

Que pasa.

For those who followed my advice, congrats on a 6% pullback. Seeing 782 SPX as a fib, so shorts I would cover, those looking for a quick trade, get long with a tight stop. Any upside should be capped at 807 for now. Target on this downmove is 768-750. Financials telling the story right now, but lots of news out there that could whipsaw this market all over.

Watch the VIX as last weeks new high in the market did not get us to close under 40. We should see a confirmation of the rally with a lower low in this index.

How the market handles this dip is crucial. We should make some headway by the end of the week to turn the calendar and hopefully the charts up.

1000 SPX still in play.

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