jowenmofield (84.14)

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

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April 30, 2009 – Comments (1) | 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.

1 Comments – Post Your Own

#1) On April 30, 2010 at 11:40 PM, atarigod (< 20) wrote:: I just stumbled across this article when I did a symbol look up for TZA. At first I laughed thinking how much you would have gotten destroyed shorting here, then I began to think, its very detrimental to your wallet to be either Ultra Bearish or Ultra Bullish. I think its best to be skeptical, maintain your risk tolerance, and supress emotion from your trades and the advantage will be yours.
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