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Betting on Another Rebound

By Harry Schiller

 About this article:
 The market has gotten slammed the past few days, but a move to the 50-day moving average in the S&P 500 (SPX) and a massively oversold condition have me positioning myself for a leg higher -- at least in the near term. The last time the SPX pulled back to the 50-day moving average was back on Oct. 2, when the index bottomed at 1019.95. That time around, the simple 50-day moving average marked the low in the S&P. From there, the S&P exploded over 80 points into last week's recovery highs, in the process filling that gap from last Oct. 6 at the 1099.23 level. The top of that gap in combination with the big round number 1100 was an upside objective that I had recently cited as a likely target for the move (see my column from Oct. 14). Last Wednesday's slightly higher high of 1101.36...

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