We saw the market try to rally in to the close only to be smacked back down to reality in the closing minutes by the news that Goldman's Alpha Fund down 26% for the year! Predictably and pathetically Goldman's top stock market guru, Abby Joesph Cohen, announced, after the close the S&P's are undervalued by 10%. Are we that stupid, I Guess they think so, but we are not! The CEO of Contrywide said, the capital the Fed has put in the market should reassure investors, the IMF said the same. Sounds like desperation to me. But remember they need to posture for a rally and have reasons for a rally. This is a pre-election year and they need the markets higher! Click on the above graph to get a better image. If we break the double bottom on Monday then its down to the tredline. I would expect a bounce off the double boom. Use these two areas for support.
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