Thursday, September 17, 2009

Decent reversal off a 400 point rally on S&P.................... (a.k.a MTV Wallstreet Extreme)

400 pt rally since March 2009, what a whopper... I was expecting 1K when we hit 666, but as you know things get out of hand on wall street, it should be called MTV Wallstreet Extreme or something along those lines. Good ol' America, lets buy everything up and account for it later...

Anyway the US dollar is getting killed which is no surprise, it looks like its finding some nice support right around these levels, the market may have topped out temporarily looking at futures are down a bit right now, if we gap down significantly will be a good idea to get short early. Volume was big today which means money was distributing by big boys... Short anything above 1050 which is what the market should be at once we get outta this recession and get jobs back on track.... for now its over valued by several hundred S&P points.