Booms, Busts, and Recoveries Message Board

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Strategies & Market Trends : Booms, Busts, and Recoveries

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From: blazenzim	5/1/2008 8:00:41 PM
	Read Replies (2) of 74559

Listen up Fellas. We have some important levels here. In a bull market, the 200 day moving average acts as support and in a bear market, the 200 day ma is resistance. The 200 day was breached in late 2000 and not recaptured until 2003. We're nearly at the 200 day right now. Goldman near $200, Giggles near $600, SPX near the 200 day. It looks as though SPX can roll over anywhere between now and 1435. I'm looking for a close above the 200 day at around 1420 and a full capitulation by the shorts. You'll know when you see it. We haven't seen it yet. We've seen lots of tight sphincters but not all out throw in the towel short covering. We should see that once the SPX pokes above the 200 day just slightly. I'm playing for the Pop and Drop. That means back up the truck short at 1425 and keep shorting more until 1438 and put a stop in at 1445. Anything past 1445 likely means we're heading to a new all-time high this summer.

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