Wednesday, December 22, 2010

Market Update - December 22nd - S&P500 is about to top

The market kept going higher without a pullback and it basically reached my short term target of 1260. I think the market has enough room to go to 1275 if the coming correction stops at the rising trend currently at 1245. I re-shorted my original position (1212 then stopped at 1230) at 1256 and I will be watching how the correction turns out. If we get a big sell off that takes out that 1245 trend, then I would say the top is in and we're in for a correction of the entire rally from 1040. But if we bounce at that level (just like it did last week at 1232), then 1275 by December 31st. I intend to profit either way from this move, I am keeping my other long positions until any significant trend changes.

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