The market is feeling the pressure from Europe, with worries over Irish banks overshadowing bullishness about the US market and the weak dollar. As I mentioned previously, there needs to be positive equity fund flows to propel us higher in a non-oversold market. If you don't get the inflows into the equity funds, you are not going to have a rally that can carry to nosebleed territory of 1200+.
If we do get back to 1200 this year, that would be an exquisite short opportunity. I am not betting on it though. I think we'll fall short of that level due to the lack of fuel. I would sell any rally tomorrow looking for a gap down and selloff on Wednesday.
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