It appears that May 2nd marked the top at around 1370. The first wave from that point is around 1320. The second wave completed yesterday around 1350. Right now we are in the beginning of wave 3. The conditions are certainly right for a decline in the market. Jobs, industry, and home sales are terrible. And the prospects for a QE 3 are not good. The only thing QE2 helped was the stock market. My strategy for this decline is to short the indexes. A more cautious person would sell their stocks and hold cash or Treasuries.
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