| * May 8, 2009 v.6 | May 8, 2009 Market Analysis and Commentaries Top |
Markets are very overbought as markets traded higher to SPX 930.17, today. DOW and SPX gained the last 8 weeks out of 9 weeks, and Nasdaq 9th week gain. I commented on SPX 950+/- Profit targets as massive mega funds exits: Faster markets rally, faster markets will sell off.
The Fed and the Gov intervention of financial markets is usually retested as we can see the Mar and Aug 2007 lows, when the Fed Bernanke intervened, were retested in a few month after making tops. We could see a Profit Taking OE week, however, we do not have technical confirmation for a sell. Profit targets: SPX 950, DOW 8600, SPY 83, QQQQ 35.50, Nasdaq 1750, CRB 250, CRX 650, Silver 14, Copper 220, Gold hold, Oil 60-70.
Market Analysis & Forecast 5/08/2009
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