Monday, November 9, 2009

Revising Upside Targets to 1123.15

Significant resistance exists at S&P 1123.  Any and all bears have been beaten to a pulp exactly what you would expect as the market reaches a topping point for this bear rally. The Fed and free money will fix everything.

The poorest consumers get hosed.  Americans will struggle mightly - all but the richest anyways - to take a trip outside the U.S.

At the rate the government is going, Walmart will become Whole Foods.

I am going to stay bearish until 1123.  Fortunately I took profits at 1046 and anticipated a ramp up to 1066.  At that point, if the market continues to demonstrate strength, I will take my lumps and move to the sidelines.

Momentum following idiots are making hay.  Any thoughtful analysis of the future impacts can be discarded.  One only need to look to the Fed and see that the money printing is out in the open.  Nothing else matters.

If the U.S. can extricate itself out of this by inflating their way, it will kill the field of economics as we know it and we can call the new science Bernankism, the science of inflating to prosperity.

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