Monday, February 28, 2011

Still on B/W2 ?

I've been moving all day so I am just now settling in my new place (10pm!). Anyway, the market did not turn down as I was expecting and the market managed not only to break above the 1321 resistance but the Trend Average as well. So the next level I am looking at is 1333. If the market breaks that, I'll expect the market to challenge the 1343 high so I will probably play it safe and cover shorts at 1334 to re-short again later. But as I said last week, the catalyst for a big sell off are in the market and it's just a matter of time. For one, there are planned protests in Saudi Arabia on March 11th so it'll be interesting to see how the market will handle it. I wouldn't be surprised if it's "news" when it happens, just like Lybia was "unexpected news" last week.

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