Market Breakdown!!!!

Today the market broke out of its triangle pattern, as predicted in an earlier post:

http://themarketprophet.blogspot.com/2009/02/critical-point.html


This gives us a price target on the S&P of roughly 650 so prepare accordingly. Also, many of my intermediate term indicators gave me sell signals today and the ones that haven't yet are VERY close. This generally means that we will have another extended down leg in the markets.

The breakdown combined with extremely low levels on the put/call ratio generally means bad times for the market in the coming weeks. The put/call ratio is a indicator of how bullish or bearish options traders are. When a large number are bullish it is relatively bad for the market because the crowd is always wrong. Good luck out there, it could get ugly.