Tuesday, April 7, 2009

Correction Likely To Continue

Any continuation of the decline tomorrow that carries the Dow below 7725 and the Qs below 30.95 will lead to a restest of the March 30 lows at Dow 7437 and QQQQ 29.62. This should prove to be the last great buying opportunity.

The risk is still to the upside, so this is not the time for intermediate term traders to get cute by trying to sell and buy back at the correction low. Most likely, the market will come off this correction low like a rocket. I will ride out the drawdown and add to complete my index long positions.

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