re: look for shorts between 10920-10950
After last nights action I admit my view has become more negative on US markets. Upside seems restricted to about 8 SP500 pts above todays close. If it can get above that then the feeling will change.
Another positive is McLaren who has been saying if US markets can hold up till 10/02 then they should accellerate up. He has my upmost respect and a great record. I do wonder a little about his date though. He is basing it on 120 cal days from the Oct low on 13/10. Most other markets bottomed 21/10 and the US had secondary lows then too. So it may be that the new low date is 18/02.
Also chart patterns suggest to me that Wed night (Bernanke speech) is a nasty time or the end of the following week.
If you want to read something scary look at this http://www.safehaven.com/article-4579.htm
DOW Price at posting:
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