Well - right as I expected the pullback came, but I believe the pullback is not over and we have more downside to come. My target for yesterday was 1100 SPX and we came pretty close to it. For today I think we might have a "dead cat bounce" maybe touch the MA(200) SPX or around 1110, but then again I expect markets to have a pullback over the next few days (Friday and early next week) to 1080-1090 target where I am going to buy a lot stocks back. I am still long RPC, IBCP, JTX, MPG and OXGN and hope they are going to rock today or very soon. But it looks very likely we will get the dead cat bounce today and I dont expect us to take out 1120, we should see 1080-1090 before we go higher. But I remain still bullish after we have the pullback and think we have a good shot to reach 1140-1150 area. Longer term I am still bearish and have been bearish since early may and I think the stock markets will most likely make a big bottom in September/October this year where I am going to load up on lots of cheap stocks with huge % potential gains.
Have a nice day !
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