Tuesday, May 18, 2010
Panic is Over
I believe we've made the lows for this downleg yesterday and we'll go higher for the rest of May. Levels below 1125 were soundly rejected on Friday and Monday. There could be a few days of consolidation this week between 1125 and 1155 this week but next week we should be trading back towards 1170-1180. Risk reward favors the long side now.
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1 comment:
I actually disagree and think we'll go lower. The economy is shitty again. There's no good news and just a ton of government pork bureaucracy clouding everything. Combined with environmental disasters. I wouldn't rule out a test of the January low before the market stabilizes as its next move.
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