Pokersam,
Hi, I think a meaning full retracement is not in picture till we hit 1579 - 1585 area on S&P.
JMHOP.
Here are my current views,
Market saw the signs of war ending in Iraq yesterday and that was a correct response to rally along with short squeeze, but in few weeks reality will set in that Govt. spending is going to slow down and real estate crisis will hit hard, inflation rise. That will set the stage for correction that is where TA match with reality.
I think we will come back and test 1380-1370 area of March low again. I was wrong many times and I could be in future also so do your own due diligence.
EW is correct some time and some time not.
I appreciate your hard work.
Short squeeze is bad in the long run, In absence of shorts there is no support for falling prices and that what is coming in few months.
I am long but with protective puts, 2% out of money. My deductible is 2% and these rallies are making up nicely.
People have high hopes from you because some of your calls were right on the money.
good luck.
Farooq
