I entitled this forecast “How Quickly We Forget” for a reason. It’s been amazing watching the talking heads on CNBC, and the poor “public” who thought the 20% rally was a return to the good times. So sad, so sad indeed. So sad that hope causes people’s memories to fade so quickly.
Does nobody remember December [...]
For the first time in months, the markets have had not 1, not 2, but 3 consecutive up days. Everything must be better and we can get back to being bullish right?
Nope. This weeks rally is perfectly indicative of a secondary move, counter trend rally, correction, or what ever mumbo jumbo you want to call [...]
I like being direct. Today’s 5% move which should be a sign of market strength is nothing but a typical bear market counter trend rally; at least it is for now.
S&P 500 (SPX) Forecast
The S&P hasn’t put in back to back gains since February 8th, and hasn’t seen back to back up weeks since [...]
As promised, here’s my forecast for the markets. Not too surprisingly, the forecast is down. Click on the Chart to enlarge
Then:
Click Any Chart To Enlarge
Now:
Going Forward
I wish there were better news, but the next level of support is the 61.8% fibonnaci retracement level at 1091. After that there is a psychological support level at 1000. [...]
