Waiting for the big Kahuna Message Board

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Strategies & Market Trends : Waiting for the big Kahuna

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To: Real Man who wrote (84946)	1/13/2009 5:11:27 AM
From: Real Man	of 94695

Simply technical: Spoos upside target is 1100, which can take a few months, give or take. We do need to hold these levels, otherwise this move gets cancelled. Near term support is 860, and the chart gets worse if this is broken. 820 is next, then we are bound for new lows. I'm afraid we are bound for new lows if 855-860 is broken. FWIW, spoos are worth buying with a tight stop below the chart support. Why? Cause. Futures say we are there now, so I'll try in the morning if they don't recover. The whole thing can look like reverse H&S. Some optimism can happen, as lots of folks place high hopes on the new president and his initiatives. These will need to wear off as reality sets in. -g-

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