friday, page-15

This is the 3rd time we've bounced off the NYE spike down of 4680 SPI (4690 XJO) in the last week. I continue to hold shorts, as I think the ranging markets of last 3 months is gonna change to trending markets. At a rough guess 4350 around end of Jan (4350 from my weekly chart posted yesterday), then bounce strongly from there to test 5000 by April. If it can break 5000, then the bulls will be let loose. USA is still in an uptrend, but we seem to be in a downtrend. Like April/May 2010, I believe we are leading the overseas markets.
I also think crude oil has started trending down, and will target $85, then $80 for a late January bottom.