Will the S&P go to 1000 or 1200 ?

[fly down]

I can see that double top on the S&P @ 1148-1149 a mile away. Get ready to head lower.

 

[S2007S]

Markets pushing higher in the last 10 minutes, trying to bring on yet another positive week for stocks, this would make it 5 up straight weeks in a row.

 

[Tsing Tao]

Quote from fly down:

I can see that double top on the S&P @ 1148-1149 a mile away. Get ready to head lower.

ive fastened my seat belt. gonna be pissed if theres no ride!

 

[MKTrader]

Quote from Tsing Tao:

ive fastened my seat belt. gonna be pissed if theres no ride!

The question is when will reality overtake the Fed's POMO? Apparently about $20B went into POMO last week. One can imagine how things would've turned out otherwise, with the 3-day pullback, dismal housing data on Friday, etc.

However, gov't intervention never works for too long. Remember all the stuff they tried in 2008 to no avail. But the interference makes analysis more difficult, no matter which direction you think it will ultimately go.

Another weird day so far--Treasuries up strong, stocks/gold/USD still TBD...

 

[fly down]

Quote from Tsing Tao:

ive fastened my seat belt. gonna be pissed if theres no ride!

Did you feel it? It just started..

 

[fly down]

The 1150 level on the S&P is proving to be formidable resistance. To me, it looks like a double top has formed between 1148-1150. Lower priced ahead.

 

[fly down]

Does anyone else see the double top forming at 1148-1150?

Today is the day to speak up.

 

[Tsing Tao]

Quote from fly down:

Did you feel it? It just started..

i equate that dip to the opening hill on a roller coaster ride. with baited breath, i await the rest.

 

[Tsing Tao]

looks like all the pomo went into gold just now.

 

[S2007S]

Consumer confidence falls hard and stocks move up.