***This is from an email type market update that I send out periodically to certain friends, family, and associates. The first one was sent out in January of 2007 and the most recent (the one I am posting here) was sent out on the evening of 5-5-09***
Just a quick note that I have had 5/5/09 as a timing date and 8359-8515 on the Dow cash as an upside target for this move up off the March 6th lows. We are in that range of price and time squared now. We could see a CIT (Change in Trend) on the daily chart here soon. XLF had an 11.72 target that was finally hit yesterday. Since financials have been leading this market everything seems to be falling into place as far as price and time.
Keep in mind the bank stress test results are in play. These were supposed to be fully released already but were postponed. Results are known by the boys but the reality will be spun so as to not upset the public. The market is on hold for these and it may affect the timing aspect so over the 8359-8515 range and 8750 (which IMO if we get there is an area to fade) is the next level on the DOW cash where I would be looking for a CIT. Bottom line is watch for a CIT of this trend to be imminent.
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