Poll: SPX range breakout

[opt789]

Since we are almost exactly in the middle of our range in the SPX I figured it was time for a poll.
On 8/15/07 we closed at 1406.70 (almost exactly tied with the 11/26/07 close of 1407.22) and on 10/9/07 we closed at 1565.15. The midpoint of the range is 1485.93 which is close enough to our close today of 1486.59.

On a closing basis (not just intraday) which end of the range we will break first? The next Fed meeting is 7 weeks away that is why I chose a two month time frame.

 

[opt789]

Ok, I got my poll to work.
I voted that the SPX will break to the downside because I do not have faith that the Fed's actions and the Administration's sub-prime bailout will do enough to fix our current problems. One of the most troubling things I heard was UBS saying the value of its subprime holdings is "unknowable."

 

[opt789]

I would appreciate any feedback from voters, especially anyone voting for new highs. I would like alternative points of view.

 

[Algorithm]

Just voted and found the results interesting.

7 v7 on the directional calls and 3 or so in range bound.

Looks like the poll is very balanced thus far, very reflective of the current market situation.

I'd say we are data dependant right now


Good Luck!

 

[Algorithm]

Quote from opt789:

I would appreciate any feedback from voters, especially anyone voting for new highs. I would like alternative points of view.

Specifically, I think the lower level is too low. I do think we are going lower before higher, but probably not to those levels.

I'm not so sure the highs are going to be all that spectacular, but there's a lot of shorting piling up, especially since the new short sale rules in July, and you know what happens when a trade gets to be a no-brainer.

Good Luck!