The goal of this blog is to identify medium term tops and bottoms in the markets. I use a variety of technical indicators to confirm turn dates identified on the 2013 Roadmaps. This blog will always remain free as the intent is that the market is the one who pays me, not you. TimetheTrade (aka TTT) is born. SS76
Sunday, 17 March 2013
Cyprus shaking the market, 2013 FULL YEAR roadmaps at a glance..
So I wanted to start of by saying that I have now posted the FULL YEAR roadmaps for the S&P 500, with all sorts of commentary attached. You can find this by selecting the 2013 Roadmaps tab at the top of the page.
Now, Cyprus has announced some crazy plan to screw the little guy, setting an asset tax for all those with bank deposits for up to 10%. That is crazy, and quite frankly grand larson as they attempt to raise funds that are necessary under the terms of their bailout.
Futures are down sharply tonight, however I actually believe the vote on this measure set for Monday, will actually be rejected. That, or Europe will weigh in and say how unique Cyprus is and that this won't happen anywhere else in Europe. In other words, I expect this to be a blip on the chart, and for the S&P to continue higher into March 31st as Roadmap #2 suggests. I'm figuring the dip into May 3rd is roughly 3% - 5%, which is minimal given this run. THE KEY MESSAGE IS, BUY THE DIP.
Futures thanks to Cyprus: