The technical level we have discussed in the past has been reached; 1056 which does signal confidence and a bullish market. Many times when a target is reached a pull back is in order but this market is different than in the past. The S&P is taking out technical levels and moving higher; much quicker. We are in a V shaped recovery period and may gain steam due to retail investors jumping in. I mentioned this is my daily commentary. The consumer may have been forced to jump in the market because savings rates are very low. People need to reach goals and can’t do this at 1% or less.

This entry was posted on Wednesday, September 16th, 2009 at 9:53 am and is filed under Financials. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.