S&P to drop 14%… China misses earnings… VIX at a 4 month high… Greek deadline Sunday eve…Spanish bailout woes… the list of bear stories today is seemingly endless. Packaged with negative sentiment, as detail in the blog here -http://www.spreadbetmagazine.com/blog/safe-to-go-back-in-the-water.html and heavy oversold readings on the major markets (ex Japan which is our top pick and continues to hold its own in recent weeks) today, our contrarian noses continue to twitch.
With Apple missing earnings quite extensively and yet the stock now up on yesterday’s close in pre market trade, and the markets turning around sharpy, it is apparent to me that we are finding a floor around the 5750/60 level and we still target 6000 in the weeks between now and Xmas.
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