My hope is the market recovers into early next week. If it does, I'll likely unload more long positions. I think the counter-rally will be much shorter than I hoped for. I was (and still) am hoping for a rally into August with the next major downturn in September as the effects of 'free money' wears off.
In either case, if we get to SPX 3100 (S&P 500) its a perfect time to unwind long positions. I have a very hard time believing we can get to new highs.
The target is SPX 1600. Lower than 1600 will start raising my concern, until then its all expected to me.
Currently, I have no good insights, except nothing goes in a straight line. The few weeks of straight down was a delayed reaction to what I posted on January 30th ACT Now, Sell the Market! The delayed reaction gave big money time to sell into a buying public.
We did bounce at the 2200 line I called out as a short term target in March 12th post 'Short Term Market Bottom'.
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