Monday, August 3, 2009

SP LABORS TO TARGET


Grinding it out in a choppy series of abc's, assisted by the most aggressive gov. intervention in history, HFT programs, crap summer volumes, manipulated stats, a commodity ramp and el cheapo buck, the SP ALMOST retraces .382 of it's move down. wow. Actually .382 is at 1013 (there's still 30 min left) .
Many veiw this rally up from 666 as a 2 wave, with significant risk UNDER that level in the case of a 3 wave down. Think of the psychological effect on investors when it becomes fairly LIKELY, after all this, that the SP MIGHT retest 666 . Pls see SP LOOKOUT from 7/30.

Just a reminder ...July saw a net decrease in short interest for the SP, mostly in the financials.
Scalping out the shorts via HFT program activity COULD well leave a vacuum , with no real buyers in a reversal.

Don't be greedy.

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