Global deleveraging and a recessionary environment that engenders high unemployment will hinder equity performance. Banks, while now more solvent, are still afraid to lend out the cash that they continue to horde. We must see more liquid markets with more fluid lending or the 800 bottom area on the S&P 500 will not last long. Next level of major support is 450. Watch out below. Keep your stops on every trade. We still recommend fading overbought equity market rallies.
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