Back in April, I mentioned that the stock market looked best
suited to go sharply lower. In May, I put a guesstimate of
1200 as a low point for the SP 500.
I am not a sharp enough technician to know whether the market
will drop down to 1200 or not. My work indicates that the
market is weak and is growing progressively oversold. My
quandary is that my primary indicators are pointing lower,
but some key measures of oversold conditions indicate we are
very close to a tradable low.
So, as a guess, I'll go along with the idea of a low in the next
four to six trading days followed by a healthy rally.
At any rate, I am looking to go long, but since timing is not
my forte, I will wait for an upturn and some confirmation that
long is the right side of the trade.
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