Even though it is a "krazy" prediction, I have to agree we will see 1050 in October. With regard to oil, while we agree high oil prices put a damper on businesses and thus the market, I think the effect can be quite delayed. And too, the price now is only at the high end of what many analysts are saying is the expected range. I think it's got to go quite a bit higher before the broader market reacts. Another factor to consider is that the dollar has been sliding down, and the effect of this is to lift the market and lift oil and commodity prices in general. So we have two opposing forces. And don't forget we have an election coming up. I am forced to remain rather bullish, uncharacteristically so for an October. Personally I would either be neutral or bullish here, not short, at least not until the 50 MA turns down again. One weak day does not a market make, we would have to have considerable follow through to the downside for me to don my bear suit.
Disclaimer: Everything in this post is the result of chemically driven brainwaves, and there is no proof that any of it is true.
Disclaimer: Everything in this post is the result of chemically driven brainwaves, and there is no proof that any of it is true.
