Fibonacci retracement thoughts; Peak of the Bear Market Rally??

Almost all blogger believe that we are at the end of this bear market rally and they are ready to short the hell out of this market. On Friday 4/17 we saw the market tested SPX 875 level and pull back immediately. We might need some external government news to break above this resistance again, see my last post. By using the Fibonacci retractment we can see that each bear market rally seems to peak around the 61.80% retracement we see it back in Nov 4 , 2008, then Jan 6, 2009. Would the 890 - 900 level (61.80% retracement) be the peak of this rally? We shall see!

EGLE 7.20 target Hit

spx

BX outta here!

Govenment release news to crush resistance level and kill Shorts??

While i am in Vegas Sitting in the jacuzzi I came across with an interesting thought. (Well, intereting to some extend). The recently rally sparked by bunch of government news. And these news happens to roll out every time we hit an immediate resistance level.




SPX lvl


700 - March 10 Cities said first two month in 2009 are profitable.
http://www.zacks.com/stock/news/18067/Stock+Market+News+for+March+10,+2009


750 - March 13 The SEC and FASB reached an agreement to provide new guidance on mark to market accounting rules.
http://www.zacks.com/stock/news/18173/Stock+Market+News+for+March+13,+2009

800 - March 23 U.S. treasury announce plans to purchase toxic assets worth $1 trillion.
http://www.zacks.com/stock/news/18425/Stock+Market+News+for+March+23,+200


840 - April 3 The G20 world's 20 biggest developed and developing nations presented a united front, pledging more than $1 trillion to combat the financial crisis.
http://www.zacks.com/stock/news/18805/Stock+Market+News+for+April+3,+2009

850 - April 9 The Wells Fargo News.
http://www.zacks.com/stock/news/18987/Stock+Market+News+for+April+9,+2009


875 - (Wonder what's next......)

(I am current net long at the moment. Everyone should keep an open mind trading this market because your thoughts means nothing to the market, always trade what you see not what you think.)