Took Alexander Elder’s advice and had a 2 week break from trading so that I can have a more objective view of the markets. During this time, I’ve been coming up on my reading and I’ve been going to seminars and talks to keep in sync with the markets.
On a weekly basis, the indexes are still looking very bullish for the next 2-3 weeks. However we are starting to see weakness in the bull run. The correction in February is just the tip of the iceberg and we will be seeing more of such big corrections in the months to come.
On a daily basis, I think we might be seeing some weakness in the next few days but the markets are poised to make new highs by the end of April 2010. However I do not think we will rally above 1210 on the S&P.
As for my longer term view of the markets, I think we will close flat for the year and we will be moving sideways in a very volatile fashion for the rest of the year. We are currently very close to the top of this sideways movement now.
Monday, March 29, 2010
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