Tuesday, June 22, 2010

Quicksand

The support evaporated like quicksand and no one wants to buy the dip.  They don't make it easy to short this market.  It goes down in one big swoop.  I don't think the selling will last past the FOMC but it is aggressive selling.

3 comments:

Petsamo said...

Looks like we have a downleg. The SPX & DAX have lower lows & lower highs.

iv said...

how about 1000 on spx sound by august

Market Owl said...

1000 seems very ambitious, if we didn't break through 1105 on ES, I would agree with those low targets. But the rally went past 1105 which means the selling force is not that strong. Maybe things change by August, but I doubt it.