Well folks been saying for awhile this market is on rocky grounds mainly based stimulus from the FED through extraordinary tools and low interest rates. I think there is some serious support @ 1153-1155 area and I will be buying some longs if we get down to that level tomorrow. If we head down to that level tomorrow obviously it would be a ugly day but technically we are oversold though that says nothing as we were massively over bought for a long time.
I read over the weekend that the average 401K was down $12,000 last week alone and I wonder if investors will get scared enough to fuel a massive sale of stocks here to park into cash. Right here CASH is surely king but I believe with the Debt ceiling issue out of the way and the debt rating out of the way we will find some stability here and regain some of the losses we have seen in the last few days. I am nowhere a bull and if you been reading my blog for awhile you will recall I have said we will find a high in the year 2011 in this massive bear market, so I expect us to see a high in the market for the next three years this year. Do we get higher than where we were this year who knows but I am playing longer term time frames on the view that 2011 we will hit a high.
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