Aug 24

Weekend Outlook for 26th August 2013 – Bull trap

As expected in past weeks we started a market correction. As im on vacation this will be an ultra short version of outlook and comments about markets.

SPX so far went from 1710 to 1640s on the first sell off in the correction. After this I expected a bounce in mkts and so far we had a bounce late this week. SPX ended in 1660 range and I expect the bounce to go a little higher, probably 1670 to 1680 area. After this I would expect another very hard sell off so we just need to trap some bulls before we get next round of selling.

All in all , correction still in full force and we only 40-50% in it, so much more downside should come after the rebound is done.


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