08.35am Amsterdam
S&P future is trading around 918. Friday, it went up till 929-930 closing around the highs. The bulls are strong, but the levels they have to win are strong as well.
First target 940, and if they succeed there, next 970.
This rally apparently is not a bear market rally any more. At least , thats my opinion for now. We had some bad news which could easily take the market dow, but the bulls won all the fights.
So overall, for long term skew , I switch from bearish to neutral. For short term, bullish.
The pull back will be a strong one. I believe If the market goes up to 970-1000 levels , I would expect it to pull back till 870s which is a very very strong level. If 940 will be the high, the pull back would be till 800-830.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment