February 15, 2011

S&P 500 INDEX

Just an update -- we still expect this confirmed "blowoff" trend will capitulate into a top between Feb 27 and March 6. That will end this leg and be followed by a sharp correction that will likely not exceed 13 trading days. But there will still need to be a distribution pattern before changing the trend and will either be a test of the high, a three thrust pattern or a broadening pattern.