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Thursday, February 18, 2010

Corrective Rally over?

I have blogged quite a bit that I am watching "chartists" on market direction. To me this is a critical test, if the chartists are correct SPX will NOT see a value of 1,150, and the decline will resume. If this test fails, I may give up on chartists completely.

Gary of the Smart Money Tracker not only likes gold, while but thinks the SPX goes much higher. I did put my toe in for gold, but no way in heck I am going long general stock market here. 72% rally in 10 months is impressive, a 117% rally in about 15 month is possible (anything is), but I can't do it.

The chartists seem to believe the "rebound" is about over, and the "catastrophic wave c" should resume.

I guess we'll know within a month who was right.

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