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.