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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Softechie who wrote (94821)	3/2/2009 6:24:22 AM
From: westpacific	2 Recommendations Read Replies (3) \| Respond to of 116555

Softie, that is a very, very tough call. Me thinks 5800 or so. However this regression channel bottom has not been tested and that comes into play around the 6700/6800 area...... Why, 61.8% retrace as well as the offset cycle low for the Kitchen Cycle. 5800 is both of these. Two things could play out now. One, we bottom out soon and rally upward into 2010 then fall apart again to hit my final target low of 3500 to 4000. Or we just keep going down here into June/July and hit the 3500/4000 area in the next few months! Crap shot and why both a short trade and a long trade are just a crap shoot here. There is no trade for now! SPX 777 breakdown is just nasty and March 19th was expecting a pop into this, after this dates the risks just sky. Stand aside is my advice. Even gold is at risk here now, take a look at the CBOE Gold Index and the broken megaphone chart - started in 2001!!!! GOLD, BONDS, STOCKS forget them all near term...long or short. Made a really crappy call early this year on this market, why you have to change tunes fast once the crap hits the fan! Obama wants our 401k's and in true FDR fashion may outlaw gold holdings along with much, much else... West