chartsmaster

Tradeable Rally

Long
SP:SPX   S&P 500 Index
For 3 months I have been bearish and repeatedly stated that a bear market had begun, I also said we hadn't seen the type of capitulation necessary for a bottom. Monday's decline set the stage for yesterday's huge spike. Today's 50%+ retracement is VERY Positive. Of course, the market could continue falling, but I don't believe the decline will resume right away. I feel today's drop is a buying opportunity for a larger rally.(not a new bull market) IBM and NTNX are my best plays other than the gold and silver miners which have begun a new bull market. Chartsmaster

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