Brief snippet from the home base thread:
Rydex Total Asset Money Flow reveals this rally IS FOR REAL!
S & P 500 Index registers a NEW 56 Month High to SPX 1,285.45 since May 24, 2001 (SPX 1,293.17). The next CRITICAL upside target is SPX 1,312.83 set on May 21, 2001. Once this level is wiped out, the next new high target dates back to February 15, 2001 @ SPX 1,326.61. For now, recall the last close above SPX 1,300 was set on May 22 at SPX 1,309.38. The market must hold Friday gains and close above SPX 1,275 which is 10 point downside cushion. This way we have 100% confirmation Friday is no one day false upside break. We then have verification that SPX 1,270 - 1,275 band becomes new support at which all traders who have missed this rally ARE DESPERATELY TRYING TO BOARD the BULL TRAIN. The market rarely accommodates the masses at a major price break-out point....
yada yada...
The moral is to trade what is in front of your nose and not try and figure out the next major pullback in which to try and get long........
Getting Short here is like playing Russian Roulette or committing finanical catastrophe. |
