Tuesday, August 24, 2010

Quick Update

So far the ES as traded as low a 1044. The July 20 low at 1051 is now acting as resistance. Strength above there would be very bullish but I have not seen it yet. Until I do I have to believe that the market is headed a little lower into the 1036-1041 zone where it will encounter a second cluster of lows which formed earlier in 2010.


raven said...

Thanks Carl, this has got to be one of the trickiest markets Ever. And I must give credit where credit is do you have been able to pick the es trading levels better then most everyone in the blogger universe.

I suspect 950 but we could get to 860 before the next battle between the Fed and the bears.

Dave Narby said...

As fundamentals are the dominant factor in the end, I recommend everyone read John Hussman's excellent "Why Quantitative Easing is Likely to Trigger a Collapse of the U.S. Dollar"


I am short stocks, long physical precious metals, and long physical items we use everyday.