SP500 Levels, Refreshed: Trade The Range...

Provided that the SP500 cannot close above what I see as THE line that matters – the intermediate TREND line at 829 – I think we’re going to trade within a proactively predictable range. The shock and awe crashes to the upside/downside of this market’s expectations look to have subsided, for now…

Any time Timmy Geithner is You Tubed (like he was today), the sober investor who has gains to realize is going to start making sales. This is not a political comment – this is simply one of my personal judgment. However “smart” the Washington/Wall Street brain-trust claims him to be, Timmy is a squirrel hunter - and I don’t trust him.

The trading range that I’d like to start covering/buying stocks again continues to shift to higher lows (753-780 in the chart below). As the market’s trading range narrows and volatility continues to rally to lower highs, the market’s March 9th bottom looks more convincing as an established intermediate term low.

Buy low, sell high.
KM

Keith R. McCullough
CEO & Chief Investment Officer

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