Daily S&P 500 INDEX TRACKER

[ananda77]

US Calendar:
-quiet Tues -weekly store sales
-$39 bln 3-yr note auction

Bond Market:
Treasury yields turned higher with positive tone on stocks, pending 3-year supply
U.S. 3-year auction expected to benefit from cheapening, relative value on curve

Stock Market:

...SPX 500 is extending its rebound today after a successful defense of the 31 August Close *1020 and the 50 MA *1016; the index surged higher to take out the initial up target 1041 decisively, possibly coming to a temporary stop as high as *1069 intraday

...around the *1070 zone, a mild slide back to test the *1041/*1048 area is possible; if this support is successfully defended, further gains include a second go at *1080 initially with potential to test the important *1100/*1119 upper barrier range

...the USD is extremely oversold, so any short- to medium term correction (possibly up to 10%) will quickly stop the equity markets' seemingly unstoppable advance

Trading Strategy:

-CONSERVATIVE-
Marty Chenard: “I am now staying in cash on the long side.” The C-RSI is still positive so there could end up being a whipsaw to the upside, but the odds are that we are going to see high whipsawing volatility that no-one likes to invest in. Staying in longer right now, is only for people who like "rolling the dice".)

-CONTRARIAN-
Q&A with Prechter (EW)
http://www.tradersnarrative.com/qa-w...ysis-3091.html
Marc Faber: “Monetary policy in the United States will stay expansionary”
http://www.creditwritedowns.com/2009...ansionary.html

DAY TRADER:
-short-term bullish over the next up to 10 days with bias for a double top pattern followed by 20% (+) correction > target SPX 500 *869
-personal strategy: no equities; holding investments currently neutral to 10% (+) capital hedged
-David Rosenberg: equity markets so overvalued, it is not funny
-Financial Insight and daily Market Timing Signals: current posture >cash

DUMB MONEY:
-fully invested -no worries mate-

Long Term: THE BEAR

_no guarantees and trading strategies are just ideas_

Kind Regards