March 28, 2009

The market has made the "biggest 10 day advance in 70 years." What does that me for us? RING THE REGISTER! SELL! This first wave of a countertrend rally has been tremendous but markets don't go straight up or straight down. The perfect scenario would be to continue up into Tuesday while the fundies complete their windowdressing and then hard down to the 740 - 770 level on the S & P 500. This might only take one or two days. At that point we're back in 100% long. The market could try and not give us a chance to get back in but the present overbought condition warrants a trade out for another reload below SP 770.