Saturday, August 30, 2008
Maybe the market is not ready to roll over yet
Still intermediate/ long term bearish, but last week was a little bit of a surprise. Lessening divergence btw financials and the general market which near term has pulled me off a bearish stance to a neutral/ bullish one. I'm leaning towards market top in 1-2 weeks. Maybe sooner. But the market could churn for a bit before declaring a top.
A big down day on Friday and financials held v strong. That rise to 1320-1330 in SP500 that I was looking for a few weeks ago might be in the works.
The candles point on $BKX, UYG towards a down day for financials on Tues. We'll see...