As of this writing (1 hour before the close on Friday, April 4th), we are in an extremely overbought condition (+195 reading on NYSE McClellan Osc and +137 for NASDAQ) -- thus, a pause is in order next week before the April OX, the following week!!!
Given that the equity markets reacted well to the March Non-Farm Payroll's -80K bad news, this tell us that six months down the road, we should be trading higher. Again we re-iterate our belief that the bad news is priced in and the Street is viewing the FED rescue of BSC from a near catastrophe as pro-active.
On a pull-back, we plan to go long SPX again for your coveted "Timer of the Year Competition."
Editors' Note: Per March 31st, 2008 Issue of Timer Digest, Fari is ranked 1-1-2 in the Nation among 150 market timers. That is 1st in the last 3 months, 1st in the last 6 months and 2nd in the last 12 months.