technical update – low in place with the RFC plan

Markets made new lows and turned around – the lows are in place. The outside trigger event came. Instead of a rate cut, this is even a bit more of a powerful move probably. This was, however, unexpected since now they will expose taxpayers’ money big time. They are doing exactly what they denied all the time – a bailout of Wall Street. But now, they do it with $500bil. to $1 tril.

Markets will go in short covering mode now and the SPX will rise to 1300 even within 2-4 weeks the 1165 SPX. For NDX, the extended support at 1600 have held for now and we go into a short covering rally.


~ by behindthematrix on September 18, 2008.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s

%d bloggers like this: