In my opinion, this is a bounce to sell. Sadly, we never got to my buy levels. I had 12,635 as my buy. The low was 12,648. In the S&P, the low was 1357, I had a buy down at 1338. So, unfortunately, we didn’t get chance to buy it there. Quite honestly, this is a rally I’d look to sell. If the S&P gets close to 1400, then sell some there ditto for the Dow at 13000. Use those levels to get short. Risk a reasonable amount. I believe between now and the end of April, those shorts will be very profitable. If I am wrong and it rallies, then you will have another opportunity down the line.
Tomorrow the Chinese are going to release their growth for 1st quarter GDP. IF they get anything less than 8.2 we could get a tasty break.
I am going out on a limb here.
Tomorrow we’ll see what the market delivers. But tomorrow is Friday the 13th.
CER