Monday, August 23, 2010
Update
I thought that buyers would dominate today's session but instead, after an initial rally to 1080.25. the market has dropped sharply to the low of my day session estimated range. I think this selling means that the ES is headed for 1055 or so. From there I expect a rally to above the 1127 level.
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4 comments:
I think the market will rally today to fill last Thursday gap at 1083.50...jmo
Read 2003 blogs w/many more and Here
I'm not convinced w/your this update.
My learning is all based on you..
There are positive market drivers like
For You.. US:
Interest rates low for long, low mortgage rates, strong corporate profits, low corporate bond yields and M&A
For "US" Europe and UK:
Euro Weakness, Increasing US/Europe Bond yield spread, Cheaper valuations, Strong corporate profits and Positive Payrolls. Faster recovery in financial
UK:
markets, firm commodity and energy prices
Thank you so much ,Sir!
Always a great help!
Is there anything other than we did not explode higher that makes you think 1055. Because at this point I do not see any reason to go to 1055 but to drift higher slowly at this point.
It appears the only people who are
buying this market is Government and proxies. This usually is precursor to a bear market fall?
My bullish position regarding the general Sm is changing as the tricks of QE do not seem to be working at these levels.
Perhaps the SM will go down to levels that will attract the most participation which my guess is below the 1010 level.
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