Stock Chart

SPY - A macro and technical perspective from Tim Knight

05/09/2010 03:26 PM by Dave Pinsen

Tim Knight of Slope of Hope is mainly a technician, but his bearishness here is also driven by his view that the economic recover so far is an "artifice" produced by massive fiscal and monetary stimulus and is unsustainable.

Tim does expect a market bounce in the ~5% range in the near term, but after that he expects a significant leg down. Worth spending 10 minutes to listen to his perspective: http://slopeofhope.com...

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  • 05/10/2010 02:22 AM by Hesperian

    I watched the video and his analysis is pretty much what I anticipate also, if you are playing the market conservatively as a short. It could be worse, for I'm not convinced that the market has the technical footing for a 5% rally yet. I'm paring more of my exposure on the long side this week, and I anticipate others will do the same, putting more downward pressure on the market.

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  • 05/10/2010 03:30 AM by Dave Pinsen

    Judging by tonight's futures action, Monday could be a good day to unload some longs. I am planning to do that myself. Also, loosened the stops on my shorts to reduce the chances of getting stopped out tomorrow.

    I'll also check on umbrella prices ( http://steamcatapult.c... ).

    BTW, your posting contest prizes went out Saturday.

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