One Of The Best

If you won't listen to me, maybe you'll take advice from one of the best. See the article below on Bloomberg speaking with the best ranked technical analyst the past 4 years.

http://www.bloomberg.com/apps/news?pid=20601087&sid=aN8bKWtFVGKk&refer=home

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Wow. Let me say that again... WOW. Well the drop I was expecting showed up early. Darnit. Threw off all my grand plans on getting rich off of it. ;-) I'll have to wait for the next one.

So, where to from here? Too many factors to begin to try to guess. Will there be some sort of a bailout for the Big Idiot 3? If so, will the stock market care either way? Are any of the big banks about to go belly up? Citigroup stock at $6 a share? Holy cow.

How low do we go in the short term? Hard to tell. Closing below 8000 was a big thing on the Dow. We stayed above 800 on the S&P however. It's very possible that a bounce is on the way. But until I see it I won't believe it. I'm tired of guessing and trying to pick the bounce point and being wrong with my stock purchases and subsequent sells.

S&P 400 is still the ultimate destination. Some time in 2009. But for now, 770 or 720 on the S&P is the likely target. A nice rally will follow for a couple of months.

We still haven't had a true "oh shit" day. Today was down 6% and sure it was noticable but still no panic, no major screaming... it's become uneventful. Go figure. A 2% move used to make news headlines.

Tomorrow should prove to be exciting once again.