Tuesday, March 23, 2010

So ya sell in May and go away?

The fed and banks have extended this rally far too long

A test of 1000 is in the books for S&P, we will most likely go down to 800 area and make a double bottom, the only way we get to 500 area on S&P if the whole system defaults, we will see gold and silver skyrocket if this is the case.

1000 S&P will be coming in the summer months, 800 area should be tested maybe by year end or early 2011.

Load up those shorts above 1200, we will top out around 1200 around the 9th of May

Wednesday, March 10, 2010

Double top being put in 1150 here

Almost exactly same scenario that happened in 2007 when you look at the charts...

The local newspapers are getting really pumped up, this is usually the nail in the coffin for the market, once the public thinks everything is back to normal, this is when the top will be put it. The local major paper here had "The Great Recovery" as the title yesterday, this is a great sign for bears looking for lower prices.

Unemployment is not getting much better at all, alot of people will have to go off emergency unemployment benefits. In Canada here the government is releasing the HST Tax in July, this will rock the real estate market here and will effect every households income as this is essentially a big tax raise on ALL items that otherwise would not have had this tax. Majors being gas, electrical, houses, cars...

Volume in the charts are showing a double top scenario also

Monday, March 1, 2010

1116 gap fill was concluded today

Next move should be down to atleast 1100, longer term I'd hold any shorts