Tuesday, June 28, 2011

Break Out

The market rallied as I speculated on yesterday's post and we might have some more room to go before retracing this wave, which I think will probably test the TA before breaking out of the current range (clear break above 1310). Perhaps the Greece situation will give the market an excuse to rally. But technically speaking, the market is due for a big rally after 2 months of selling. I sold half of my long margin position at the close and will sell the other half at the end of this wave and keeping my core long position. All trends are now positive, so unless there is some drastic reversal soon, the path of least resistance is up.

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