Coolhand's Market Analysis

I just finished watching Ira Epstein's Friday market report and realized the S&P closed well above the 18dma. Not sure what I was looking at Friday, but I had a different interpretation two days ago.

It doesn't change my position or my expectations. It does mean we are more ready for a pull-back than I thought. However, we are not overbought yet.

I have already spelled out much of my expectations for this week in my account thread, so I won't repeat myself here. It may take until the middle of the week or so to really get a feel for where this market is headed, so I wouldn't read too much into the action early on unless it's extreme. Or unless some geopolitical event occurs that spooks the market.

Unfortunately, that is something that we may have to get used to as the global economic carnage continues to play out.