Tuesday, June 29, 2010

S&P500 Flirting with 1,040

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Double-Dip, slowdown or end of quarter selling or is it the upcoming June Jobs Report on Friday? Lots to worry aboutas traders/investors sell this market. Just listened to James Cramer talking to Erin on CNBC, he said that this market is overvalued??? WHAT!? trading at 12 times is overvalued, Abby Joseph Cohen just yesterday (see video below) stated that the market is a good buy and a better value than the previous decline. She has a year end target on the S&P500 of 1,250. As I type the $SPX is trading at 1,038. I would say that even if it closes under 1,040 it needs to stay ther for at least 24 hours. Next key levels of support are 1025 & 980.

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