The Case For DOW 4500 WATCH IT Unfold! - Week 5

As I suspected in my post Case For DOW 4500 - Week 4

The hedgies took a bit of a hair cut in May, and these are the top guys (rockstars), I am even surprised at the size of the drawdown in May, 6.9% in Paulson's case! I expected a bit of bad news on hedgie returns, but this is worse than even I thought.

Top Hedge Funds Get Smacked

Note to the curious check the market sentiment indicator on the $DJI 10 year, but if you look at the monthly in post above it is decidedly bearish. This indicates that their is still a lot of fight left in the bulls.

However, if you look at the market sentiment on a daily basis... the worm has definately turned my friend!  The resistance is at $DJI is 10,232.33, with the next major support level at 9,361.

Here is the $SPX for good measure...  resistance at 1,117.91-1,190.89; major support 1,066- 1,030.

The Case For DOW 4500 WATCH IT Unfold! - Week 5