Wednesday, January 7, 2009

2002-2003 S&P


It is fascinating that we are traveling so closely through the same price levels of the 2002-2003 bear market. It is because they are the only technical roads leftover from the previous bear. If and when we break through the November lows, the market will take on a different character, namely one of panic.


As for today, I think the market bounces around 914. Right now the tape has teflon to it, I wouldn't be surprised to see a pretty descent reversal.
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