"I think the trend for the market is down unless investors see something positive, and the market drifts back up again," said a Chicago economist and analyst this afternoon. What Garbage!
No one needs me to say, "The market may go down folks, but if it doesn't then this is going to be a buyers market." - Let me be more decisive -
Market gains on Monday CLOSED out significantly more positions in the emini S&Ps, today's gain is more of the same. Housing is a huge indicator of the sentiment of the nation - people might be willing to grab a new iPhone for $500 (sending tech stocks up), but they are not willing to let go of serious cash. We have only seen the first wave of the nationwide credit issues and an 8 month supply of housing. Existing Home Sales Report due out Wednesday @ 10 am ET. - I'm still on the short side.
However, Both Sides can be played - look for slowed volume as a confirmation to take the trade as the market approaches the support/resistance. - If you have a question please post a comment. - JK
Pivot Levels For Wednesday:
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