Any rally that does not take out the low of early April, will be, IMTO, a sucker rally, so 3670 or so is the point to watch. Too many prognosticators were projecting a black Monday for it to happen, the market, once more, is trying to make fools of the greatest number of prognosticators <G>.
By the way, the tick must, IMTO, go above 1000 for me to believe we have reached bottom, so I am not jumping in, the afternoon may still bring waves of selling. We had the same thing last Thursday, when the market rallied very nicely and then , when it broke back through 3850, I called it a "fake" and went back to 70% cash. For today, the equivalent level would be just north of 3350, maybe even 3375.
Zeev |
