Primary upside target is sp'1425, to be hit early next week.
sp'60min
sp'daily5
Summary
A downgrade of France, and the market is holding up fine. Yet, it is to be expected. Yesterday the was first major up day in a fair while, it will be difficult to reverse that level of momentum after just one day.
I will remain on the sidelines until next week, and will wait for a re-short in the low 1400s, which may occur as early as Monday.
*Bernanke speaks later today, bears should be very mindful of that.
It is very viable we'll hit sp'1400 late today, or certainly..during tomorrows session.
Good wishes for Tuesday trading!
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UPDATE..stock of the day (see fair value stocks at the close)..will have to be HPQ, which is -9% in pre-market, after lousy earnings, and talk of fraud.
As I wrote just last week, the company is an embaressment. Primary target is $10, and then I expect HPQ to be removed from the Dow in second half of 2013.