Tuesday, March 29, 2011

W5 to 1330

The wave turned out to be a W4 after all and it seems like we're headed towards the 1325 or 1332 before a significant pullback. The volume today was the second lowest this year and this seems to be a window dressing rally. But once the new quarter starts by the end of the week, we should see what the market's intentions really are. I covered the shorts I took at 1318 at a profit but left the 1308 position open as an hedge to my longs. So I'm waiting to see if this has been a sucker rally (from 1250) after all or the start of a new rally to new highs.

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