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Nothing has changed other than Heli-Ben daring investors to day trade on government-intervention at an accelerating rate. If you are more bullish than I on Bernanke, you can just call this daring investors to chase yield.

Our Bear Market Macro intermediate term TREND line of resistance is under assault. There isn’t a bull in the building who isn’t cheering Bernanke on.

I just sold our position in long term US Treasuries (TLT). I don’t know how any rational analyst can trust US government credit in perpetuity here.

Refreshed immediate term TRADE lines of support and resistance are now 1124 and 1149, respectively.

KM

Keith R. McCullough
Chief Executive Officer

Bear Market Macro: SP500 Levels, Refreshed... - 1