S&P 500 overbought...

P

PohPoh

You heard it here last...
Spoo500 is overbought...
Depending on your time frame of course...

amidst all the chanting about the S&P being oversold...
I think I'm going contrarian and say that the fuckin thing sure looks overbought here...

OB/OS are total bullshit of course....

Stab at 759 and then to 630?
 
The S&P500 is going to continue this violent rally over the course of 3-5 days, upon which it is likely to consolidate into a very whipsaw'ish market environment for a few weeks, upon which it will see one of the most violent declines in the history of the stock market. That will be the next super long term bottom, and whilst a new bull market doesn't appear likely until 2012 onwards, we shouldn't see the 400 level breached again for the next 100 years.

Best of luck trading.
 
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