Bottoms are processes, not points. I maintain my view that the November low in the SP500 will ultimately hold, and that we will continue to make higher lows on selloffs. That said, Geithner and what you are seeing via the You Tubing of Wall Street on TV today have crushed confidence in both the American economic system and the leadership embedded therein.
Below I have painted a line of immediate term support for the SP500 of 807 (dotted green), and I think we are going to need to test that before this is all said and done. For now the best advice I can give you is to make sales on green.
Keith R. McCullough
CEO & Chief Investment Officer