SPDR S&P 500 (SPY)

[learningboutinv]

2xer, I agree the chart doesn't look good. Cisco is below the 200dma and it's also broken under the current uptrend line.

This is all just speculation, but, even if Cisco did guide lower, the market has been rebounding off bad news.

Look at all the bad press this morning and Oil at $122.73 for the HoD and the markets just shrugged it off and rebounded.

Wachovia's restated loss jumps
Charlotte-based bank says it lost $708M in last quarter - up from $393M - after studying its life insurance portfolio.

Fannie Mae Loses $2.2B in First Quarter- AP

UBS Axes 5,500 Jobs, Sells Ailing Assets- AP

I think the sentiment is no recession and things will be rosy with the rebate checks coming, new president, change coming, etc, and Q3 and Q4 should see benefits. All bad news has been priced in type of deal. I personally think a slight correction is needed on this latest ramp and that is why I am in Cash and sold out last week starting with FOMC before the announcement til end of day Friday.



I tend to hold a lot longer then most on this board, and I may have missed the train but I am waiting for the reversion to the mean, the greenline backtest to enter a position.