Monday, February 2, 2009

Short Term Correction then More Heavy Selling; Feb. 2, 2009

Not much new to add, the bigger picture tells me quite clearly that new lows beneath those established in 2008 will be broken, most likely in the next couple weeks. The 15min S&P futures chart shows a clear corrective looking rally which means 805 will be broken at a minimum. With the larger picture so strongly bearish and heavy heavy capitulative selling just over the horizon, I'm shorting this rally with my remaining available cash.

Again, the S&P cash index low of 740 will be broken soon, most likely within just a few weeks.

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