Watch SPX 910. Having trouble there today because that's the 61.8% retracement level off the decine from Friday. If the SPX moves higher on a closing basis, the theory is that new higher projections are in store.
I was watching CNBC this morning and Art Cashin said from the NYSE floor that almost no one down there believes in the rally for numerous reasons from volume to other things. They almost all expect an attempt at a retest with many thinking lower lows. But the market ain't working for them. So, any move higher is expected to be a possible 'train leaving the second station'.
So, there might be a real possibility of another large rally. However, that most likely would be the biggest of sell-opps because it would be a technical rally, not a fundamental.
In other words, the market is completely juiced due to the stimulus and TARP money.
Be very careful and forget about long term holding.
Ah!, 911. Let's see if the market starts to run.
