Monday, May 25, 2009

Very short term target 88 still...

In the VERY short term I am looking at SPY hitting 88 some time on Monday. 88 will be very strong support as it was resistance for the double top in jan/feb. After that I expect a bounce up to maybe 89 followed by an 87 target in the short term. In other words I expect it to be fairly choppy for awhile as we drift lower.

The moves on the VIX:SPX have been sharp and violent. I expect us to slow down a bit perhaps move down or sideways before we make the next run up.