Thursday, June 23, 2011

I Guess it Was 'That Predictable'

Tuesday as the S&P 500 neared 1295 I wrote it simply could not be that predicable that we tease up to resistance and than falter.  It was too obvious.

After a methodical run up this morning, the S&P 500 has stalled at the way too predictable 1295 level as I type.  Would seem far too simple and easy to simply stall out here and reverse down, right? 

Well lo and behold.  We are in another round trip between the 1260s to 1290s; it's been like stealing candy from a baby to get long at the bottom of the range and short at the top of the range.  Eventually we're going to break out of this range, and my obnoxious prediction is we'll break out of the range to the downside.

Chinese flash PMI was weak, and new orders in Europe were negative for the first time in 2 years.  U.S. unemployment weekly claims continue to be punk at well over 400K.  More signs of global slowdown - this is not all about Greece.

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