For what it's worth, I subscribe to an ex Merrill Lynch broker...

For what it's worth, I subscribe to an ex Merrill Lynch broker who has a banker friend.

The banker friend is long USD looking for 83-85 basis points.

Was long DOW with target of 9500-9700, and now is building his substantial short position looking for 8500, then sees the market rallying into the US fall. (Interestingly, he and his banker colleagues see the end of the long-term downtrend/bear market, but I don't have any more info other than that)

He is also short gold looking for 850 as a target. Sounds ridiculous but I must say, everyone is talking about this beautiful reverse head and shoulders chart pattern as if this is definately the way it's going to play out - I'm suspect myself and if the bankers have a massive short position based on latest COT data, I just don't see a huge break to the upside until all bulls and bull gold writers are flushed out - next month will be interesting, that's for sure.

Someone on here, can't remember who right now, is projecting a massive fall also in silver then is flying to Perth to load up on the beautiful silver stuff - so whoever you are, sounds like you're in sync with what the banker trade positions are indicating.

That means that we could see retrace of SPX starting sometime next week if not before down to the 910ish area, but not sure where that puts us in terms of the XJO - 3900??

This isn't provided to use as a trade, because the bankers aren't always right, but they do tend to make squillions of dollars from the markets so I imagine they are more right than wrong, as the recent reporting season is revealing as profits aren't coming from the real economy.