Doug Kass projection for the SP

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THIS IS NOT MY PROJECTION FOR THE MARKET. Doug Kass recently published a chart similar to the one you see. He 's now bearish on the S&P             . so what do you think . refer to link below for original chart
Algo, are you still monitoring this? Works perfectly at this moment, it's interesting to know what will happen next.
Algokid charttrader
Hey Trader, Yes I'm still following this closely. A little bit of track but in the right direction.
Does this mean that you are expecting further down trend?
Algokid charttrader
The trends in copper, USD, and other securities seems to suggest further down days are coming. But I'm waiting till the next fed's meeting on June 20th to assess this. Recent economic data weren't that good, so will they introduce QE3 or perhaps extend operation twist ? i'll be listening for these key words
ty ty. keep it updated
It's time to review this prediction. What do you think Algo?
Algokid charttrader
Hi Chart Trader, That 's a Million dollar question.With SPY up more than 30 % since October , this profit taking was overdue.

Right now, it's seems the SPY is testing its support, which was 2011 highs(137.18). I will remain bullish if it trades at around that level. If 137 is broken however, I might consider closing my open positions.

Let's not forget that Earning season has started and this will affect the direction of the market. Also "summer" is around the corner, will traders "Sell in May and go away" ?

As per the publisher of this chart, Doug Kass, he 's long YHOO, MSFT, IFF, CSX, BTU and BRK.B.
Algokid Algokid
Also take a look a Copper (JJC) high yield ( HYG or JNK) and Basic Materials ( IYM) those leading indicators broke their supports a few days before the SPY.
Thank you Algo. I personally entered short at 137 and now thinking if it makes sense to close it with zero profit.
Algokid charttrader
Well you might be in a good position, I'm going to start a Journal for a new strategy i'm testing with QLD/QID. base on my entry criteria , i have a short signal right now. I will post the first entry tonight.
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