The S&P futures continue to creep further away from our uptrend lines as the bulls fight to avoid a retest of 900. The further our uptrend lines drift away, the more likely we are to see a sizeable pullback. On a positive note, buyers were able to keep the S&P at a reasonable level despite a report showing a decline in consumer prices in addition to Standard and Poors slashing its ratings on 22 U. S. banks. While considerable hope remains that the U. S. economy is on the path to recovery, investors can’t ignore that equities have made an incredible run thus far this year.
Monday, June 22, 2009
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