Friday, May 6, 2011

5/6 1:15

The post-report letdown has led to a 3 down or wave i of (iii) down.  I expect any rally to stop near the DJI 150-minute M/A.  Rallying beyond 12,700 would be unexpected and bullish.
SPX 1320 is my initial target and I certainly would lighten up substantially there.

1 comment:

  1. Steve, could you please comment on Silver- personnally unsure if more room to upside reaction or not- hesitating to load on ZSL right now. I would expect a 50% retrace around 41 but seems not happening so far...