Zeev, scroll down to my last message. But, to answer your question about 3500, probably not due to CSCO breaking 36 which as you said, was my trigger point. I mentioned in previous posts that the markets would continue to rise as long as CSCO held above 36. Looks as though institutions probably dumped CSCO in this area and then upticked the market for another 100 points after that. I was looking for 2650 to hold, then 2500, in order for a nice rally heading into the next FOMC meeting. Therefore, if 2500 doesn't hold then all bets are off. I was expecting more of a short-term rally, before the bad news came knocking (witnessed by the unemployment data today). But, I suspect if we do see 2200-2300 soon, it will be bought and we should have a pretty nice rally to the upside, before more economic data filters in at the beginning of March, that suggest we are presently in a recession. Next week will be very interesting to see if investors buy the dips. Let's see what the remainder of the month brings.
I will always be the first to admit when I'm wrong. I have no problem in doing so, unlike so many on SI who love to point out when posters are wrong. And, the same posters are never to be found to admit when your right! I take full responsibilities for my actions and my calls. If I'm wrong, it won't be the first time, and vice versa.
Regards,
KM |
