As expected markets was bleeding yesterday all the way down. So funny, cause so many perma bulls out there calling for the bottom last friday when we had the suckers rally showing up. I still believe that markets will break 1040 short term , most likely today if bad economic data comes out, and then 1010 SPX is next target. Not sure yet if I am going to cover my shorts near 1010, but I think I will take some profits near that level and try holding rest for a bit longer term. I'm still short since 1125 SPX and already in some nice profits, but I see no reason to get bullish yet, therefore I'm holding all shorts.
My intermediate target for markets(SPX) is 942, which we could see pretty fast in September imo.
Remember, bear market rallies is always violent and pretty fast, as we saw Friday, but should be followed by another major move down.
We have a lot of economic data this week, so its going to be a very interesting week imo and should be quite volatile.
But for now my short term target in SPX is 1010 which we should see this week(Nikkei down -3.55% tonight)
No comments:
Post a Comment