Friday, May 13, 2011

Still in a Triangle

I wasn't able to update the blog yesterday due to problems with blogger's system. And I hope some of the posts I was working on another project did not just get lost as I don't see them anymore.. makes you think twice about storing information using cloud computing.

Anyway, the market has been in a correction and so far it has been trading in the range I drew couple of days ago on the chart. And I am suspecting there will be a break out to the upside fairly soon (hope so since I am long). There is actually a buy signal using moving averages in the short term despite the market closing under the TA, so I think any trades over the TA at this point could signal the beginning of another rally. Commodities, oil and FX have all corrected nicely but I think the sell dollars and buy everything mentality will be back fairly soon. Whenever a currency is debased, everything else goes up.. simple as that.

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