My targets for this bounce off the lows, failing the first levels in the 1,280’s for the S&P 500, was a symmetrical target of 1,308 to 1,310 for the cash index. The Euro bounce targeted 1.2820 and that now looks complete in its typical extended C pattern. We will now likely start to see the markets just totally fall apart over the next few days and weeks as the deleveraging activity turns from selling a few valuable assets and the covering of related hedges to selling any and all of them that are not glued down. The unwind is now nearly complete...People have just exhausted themselves and have gotten exactly nowhere. Currently, just like with any disorganized deleveraging…the equity indexes are not orderly. TF is nto doing anything, EMD is not either…Dow at highs and EURO unable to bounce.
The upside targets are certainly viable for the cash indexes…however, the dynamics of this market activity are essentially done. I will post charts later…we just moved into our new offices this weekend and installed a ton of new computers…I apologize for not being able to post any graphics this weekend.
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