Sunday, February 28, 2010

Still floating around...

Ok...we are still in a fairly "bullish" market. Consumer sentiment is way down, new jobless claims was just short of 500k, existing home sales were in the pits, and Greece is in huge trouble. The market absorbed it all, as well as the earthquake in Chile it seems based on futures. The Futures is showing a bearish rising wedge that should break down before 3/3. In the mean time we have room to run up to the upper trendline.
Same for the VIX, there is room to move to the lower BB before moving up again.
SPY is still hanging around the 62% retrace of the latest drop. The next week will be telling. The waves the last week overlapped alot saying we are in some sort of corrective.
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