Posted on January 5th, 2009 at 8:29 PM
In my view, the US equity market is rallying and it is a rally that is within a larger downtrend. It is tough to be short anything as of this moment. It seems to me that the market could rally more. I'd use a target of 1044 on the S&P futures.
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If the market rallies up to that area, it will set us up for a sell on the weekly chart.
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I am still bullish on Gold (GLD). It sold off today, but held a key Gann level on the weekly chart.
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It's a brand new year. Make it great!
Joel Stahl
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