anybody with half a brain would not be buying at this level. if you hold shares. sell sell sell.... trust me. when it finally starts to sink. it will be like the Titanic... you do not want to be on board
I think they found the reason today. Bernanke essentially told us the Fed is going to reduce its money printing over the next few months. That put a big fear in the market today, and will probably result in a big market correction in the coming few months.
Equity markewent way overbought to the extreme (fear of missing on the upside?).
Bernankewill be the excuse for the correction.
How much lower S&P50? Back to 50-day moving average, or to 1600.
However, overbought can result in oversold, too.
I would like to see SPXU to 25; SPXU will then be at 1605.
Maybe this time patience rewards SPXU.
Institutions dump, invidviuals follow; again buy high, sell low.
For 5/23/13 SPXU range 23-24 IMO.