DislikedI am pretty bearish right now an daily charts , in particular the es
1st target es is 1050.... then take it from there.Ignored
Yea with the current diagnosis of the health of the economy I wouldn't expect anything less than a new low. The time for driving up the price to lure the herd is over.. the herd is already dead and now its just a game of cat and mouse between some of the big players and hedge funds. Who's going to be left with the hot potato.
Only way to build a sustainable recovery is through some kind of boost through consumer confidence... although housing starts and auto are supposed to edge up this week it still doesn't matter the broad overview is already highly bearish. We would need consecutive weeks of good numbers to start to think good again. Along the way we should be sliding unless the us gov't keeps intervening.
The buildup for bulls is too much work considering one bad day on the NYSE and you have ppl talking about double dip again. Self fulfilling prophecy or technicals, its all pointing that way.
Although picking direction is always random in the normal case... not when fear comes in to play because that is a factor that isn't accounted for in most large black box systems which are always trying to hedge against retail accounts.