Monday, March 16, 2009

Possible resistance S&P 793

I'm watching the S&P at 793 to hit some resistance at its 50 day moving average. 

Markets are having much resiliance so far but the bears won't let go this easy. Cramer had a piece out this weekend that most Hedge funds are very underinvested at this time and would certainly gun for a correction to load up on equities. 

I am still firm on expecting a 200pt drop in the DOW very soon. 

So I'm watching the 793 level on the S&P to take profits.

In the meantime, financials are strong but many have hit some hard resistance such as WFC at $15.


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