There are many bearish signs pointing to lower prices in the SP500, Russell 2000, and Financials. I don't know if Monday will rally up, or if the decline will continue without a rally, we will have to wait and see.
But, the charts are suggesting SPX break of the 1085, regardless of whether we get a bounce up on Monday / Tuesday or not. The bulls can avert this, but it will require an aggressive move on their part. Lower highs and lower lows are starting to paint on the intraday charts. The weekly and daily charts also are throwing out warning signals of lower prices ahead.
It is with this in mind that I bought FAZ at 20.44 on Friday.
* ChristopherStockGuy is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. For details, see the post from SATURDAY, AUGUST 15, 2009 titled "Disclaimer".
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