Tuesday, March 30, 2010

SPX Struggling at 1180

This is an updated chart from a couple of days ago on the SPX and we need to expect a small pullback from here. I am still very much bullish but we need to expect a pullback here. This pullback will set up some very very nice and solid buying opportunities. Needs a few days to play out so patience here as the charts reset. The SPX has attempted several times to crack thru 1180 and seems to be having trouble. I think it's best to sit in cash or be very nimble if you wanna play the short side. 1150 is very strong support for the SPX and pullbacks there would likely see some solid bounce i imagine. If i had it my way, i'd love to see the indexes pullback for another few more days. As i type this, i am noticing lots of stocks turning deeper into the red yet the indexes are only down slightly. I think CASH IS KING and look to buy stocks on dips!

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