SPDR S&P 500 (SPY)

[Footquarters]

Hi Gleno




I will look over the charts later, but basically at the beginning of 2007, Goldman Sacs said to buy tech, that was the wink, wink, nod, nod that said fanacials were dead (the highest weighting in the SPX) and to buy the second largest weighted stuff, which is technology. The primise that most people are invested in the SPX, so the protection of that is what is important, to keep the 401K's money coming. Since then, banks went into a bear market and have been beaten down. Goldman and a few other large banks are in control of the economy and Congress etc., forget the oil companies, that is a deception. Notice all the Fed, Treasury, CEO's of the Banking Cartel.....all apart of the Goldman Sacs brotherhood.
So anyway, the Fed is taking care of the banks as they unload all the bad paper. By year end, all the write downs will be in for the banks, I'd expect. The builders are doing the same thing, with taking markdown on land and homes, to get prices in line, this should also be completed by year end, I'd expect. Housing prices are now off 15 to 30% from the highs in 2005, bringing prices in line again with the uptrend line of 4% average increase in prices. Similar to the line on the SPX which over time goes up appox 5% a year. So the odds are we continue to go up, with the test of the 17 MA on the monthly charts. The Nasty if they just consolidate will give support to the overall markets as Financials come back, the dollar rallies as the Yen Carry has been unwound and the uninformed who continually invest money in the stock market on a monthly basis continue to win.