jowenmofield (98.55)

Short term Market Correction! From a low of 666.79 to a high of 888.70

April 30, 2009 – Comments (0) | RELATED TICKERS: FAZ , TZA , BGZ

The S&P 500 index hit a high of 888.70 today from a low of 666.79 on March 6, 2009.  While I am not superstitious, it seems to me that this market rally for the short-term is over.  We may only see a 5-10% correction from these levels.  We will know for sure by Monday when the bank stress tests results are released if we can continue moving higher.  I think the upside on the S&P 500 is limited to around 900-925 not the worth the risk of continuing to play this rally to the upside.