ohhh, Scary!

The market needs you out. The back of complacency must be broken. The DOW 10k area must be toyed with, over and over again. The breakout from Dec/Jan must be tested and some marginally broken. Roubini must be a hero, again.

It’s gonna be a long, hot summer. What a great time to actually accumulate good ideas. I live for the kind of market that you all despise. Trade your way into oblivion. Don’t let the door hit you on the way out.

BTW–yields are going lower, eventually because we are Japan. The only thing that will keep 10m people in their homes after the next round of depreciation will be the giant refi at 3%…

http://tinyurl.com/2czxjj2

Have a look at the daily chart for the DOW. Notice support at 9900 but it will need to be marginally broken before any bounce.

But like the SPX at 950, the DOW’s 50% retracement and its primary breakout is near 9000.

Here is the SPX daily chart since the end of 2008. Have a look at 1050 and initially be prepared for a marginal break before any decent bounce. You see, any break will get the lemming technicians telling everyone that more downside is assured. Then and only then can a bounce develop.

But ultimately, look at 950, which is a 50% retracement of the entire move from trough to peak and a test of the primary breakout.

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