Seems like its raining money everywhere you walk these days on Wall Street, as everything from institutions to bloggers have been raving about the possibilities of breaking the coveted 1130 level on the S&P 500, but are they celebrating too early before a triple top that takes us down to 950? Certainly the next few weeks won’t be for the faint of heart, as a major swing in price that will finally take us out of this trading range is just about here.
Knowing that smart money likes to stay ahead of the news, it is strongly believed that the best indicator is the level of “Bullishness” on the street, afterall, the big players don’t want to spread wealth carelessly. Based on this simple principle, it is rather easy to see that this past week’s sucker rally has been nothing more than an attempt to steal more money from retailers, as if Obama hasn’t used our taxes to feed CEO billions in salaries enough. Bittersweet symphony indeed, that’s life.
The poll is at the highest bullish levels of the year for the first full week of trading in September. Furthermore, when analyzing the level of bullishness, it hasn’t spiked this high since April, back when the SPDR (NYSE:SPY) went from 120 to 107 in a matter of weeks. Are you prepared for another retest of the $102 level? Because this time, the Plunge Protection Team won’t be able to save your ass.
If you need further proof where we are heading, by all means take a look at the Dow Jones 20 year chart. Nice little H&S pattern forming, and we’re sitting at the top of the right shoulder on our way down… http://fsc.bz/6lG
Disclosure: Long FAZ
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A young and savvy, yet experienced and accomplished investments mogul since ‘01; Michael has amassed a fortune as a private self investor. Recently starting his own successful blog and turning it in to a corporation — MIV Investments Inc., a company offering advice to thousands of people worldwide and attracting contracts from various reputable sources. His articles and publications have been linked to Forbes, CNN Money, Reuters, Bloomberg, and many other top worldwide mainstream media sources.
Michael Vlaicu
AHHHH the great trading hack Michael Vlaicu. Hey when did you stop pumping pennystocks? BTW, how did bzcn and cctc work out for ya? Is cctc which lost 85% since u recommended it still on pace to break a dollar? $1.06 I believe you said? LOL! LOL! Your writing is comical. Find something you are actually good at you dime a bakers dozen hack. Now I know I made the right choice buying fas calls.