Bearish. That I hate the Construct of markets in today’s day and age. That is true.
But my target for the $SPX was the 1320 area, which has given back half of the “Euro Is Saved” rally. That meets my intermediate-term target.
Couple that with FaceBook and Option Expiration tomorrow and the extremes that are building with all the negatives out there (you know them all, well). It is time for a selective stabilization and bounce.
Don’t get me wrong, we remain “elevated” and the Central Bankers will pump more freshly digitized money into the system, but this 50% retracement and the Calendar (Memorial Day) spells a pause is in the offing. Enjoy!
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