As I have mentioned many times, I am not a chartists but I do watch charts closely. I found this interesting and hacked it up to show what I am seeing.
If the VIX just completed a 5 wave move down, then resistance at 28.80 will hold and the upper trend line will be broken soon, followed by the 20 dma. I would be surprised if the 28.80 resistance is broken. If it is, the SPX will see 1000. Otherwise, we may be in for a correction that so many have been looking for.
Kass predicts a 50 points drop for SPX from now.
ReplyDeletehttp://www.thestreet.com/story/10508113/1/kass-next-big-move-will-be-down.html?puc=_ttt_html_pla9&cm_ven=EMAIL_ttt_html
Well, Mr. Kass is certainly more experienced than myself but it would be nice for these analysts to give more reasoning behind their calls rather than just lay it out and base it on feelings. Surely it is based on some fundamentals or technicals. he does mention some fundamentals.
ReplyDeleteAlso, Mr. Kass has been on the wrong end of this for a couple of weeks calling for a big correction. Not to pick on him, but even the best have difficulty in this market.