Tuesday, March 31, 2009
S&P Should Fall Hard Wed. and/or Thurs; March 31, 2009
With the first quarter maneuvering out of the way, the market should now continue to follow the forecast of declining into the 760 area at minimum. Today's rally was larger and stronger than expected, but it's the last day of the quarter and some maneuvering to puff up portfolios had to be tolerated. The heavy selloff into the close and continuation into the futures market afterwards to even lower levels gives strong evidence that the next decline phase to at least the 760 level is underway.
I remain short.