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.
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2 comments:
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.
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"
http://www.hussmanfunds.com/wmc/wmc100823.htm
I am short stocks, long physical precious metals, and long physical items we use everyday.
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