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Strategies & Market Trends : Effective Collaboration - Team Research for Better Returns:

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To: The Ox who wrote (803)	4/10/2012 11:21:33 AM
From: The Ox	1 Recommendation Read Replies (2) of 8288

S+P (SPY) finally closed the door from the March 12-13th gap up (137.58 close to 138.32 open), as the low today has been 137.45 thus far. This has removed all gains seen from the start of March, all taken away in the last 5 days. It will be interesting to see if some support finally comes into play here. I have been hearing (and reading) doom and gloom since late Thursday afternoon. A MS analyst on CNBC this morning was a pure bear and is trumpeting the 1100s on the S+P for his year end target. Certainly appears the media is doing it's best to "talk down the market". Not that a healthy correction isn't due but the bear's roars seem louder than normal to this observer. Working very hard on the "sell in May and go away" theme. Yet AAPL, PCLN and a few others continue to power to new highs almost everyday, keeping the "one more rally" potential in place. I suspect the short term reversal is nearly upon us. No need to get ahead of the game, wait and watch for a solid turn before putting on the bull horns. Volume has been light in many of the stocks I follow, so they can easily be pushed up or down in a hurry. This drop may need another day or 2 to create the fear level these folks in the media are trying so hard to instill in the "faithful flock". Earnings season starts today.....do we get one more run north over the next few weeks to head fake the IRAs last minute retirement savings into the market before we get the much anticipated correction? Sure seems like the push to recreate last year's May top is in place at the moment...... As I'm typing, another low on the SPY was seen. Patience will be rewarded, as I suspect we'll get the "one more rally" very soon.... We will see.... Simple prediction and not going out on a limb here (to say the least), we rally one more time over the course of the next few weeks. I think we will see what appears, in hindsight, to be a triple top on the S+P (1410-1430) and then have a very hard and choppy decline for the next few months into October.

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