Both of my timers (Canadian and US) are still short and I don’t plan on purchasing any stocks or long ETF’s until the timers give long signals.
My Canadian timer went short on 03/11/08 and the S&P/TSX is down 4.3% since then. My US timer went short on 03/04/08 and the Nasdaq is down 0.1% since then.
There is no shortage of prognosticators putting forth their views on whether the stock market has more downside left or if we are about to enter a rally. I don’t pretend to have an ability to forecast the future direction of the stock markets but my thoughts are in agreement with this piece written by Michael Panzer at Seeking Alpha and this one written by Jim Jubak at MSN Money.
A number of market commentators are of the opinion that the S&P500 has to break through the 1400 level before we can be comfortable that we are in a rally. The S&P500 would have to go up by 5.3% from last Thursday’s close to hit 1400.
