Fat profits goeth before a fall…SPX, FXE, GLD…ETC

Posted on Oct 09, 2010 by in Letters

http://stockcharts.com/h-sc/ui?s=$SPX&p=D&yr=1&mn=0&dy=0&id=p62881197949&a=207879904

The sideways drift in the SPX in late September -- and other indices -- resulted in the construction of a more reasonable trendline, the last on the chart.  The previous line has been left to illustrate the change.  The Dow, though not illustrated here, is actually more significant, as not only did it take out the psychological 11000 level it took out the important May high.  When the SPX does the same we will have a bullish confirmation.

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