Monday, October 24, 2011

Correction tomorrow?

The market continues to go up despite an overbought condition and I suppose we'll have to wait until the news from EU comes out for a correction to start. This is about the most overbought the market has been since the 1370 top and it's a matter of time before it corrects 50% of the rally. Who would have thought a rally of this magnitude would start the same day the market touched the lows for the year.. crazy market. The TA is at 1219 and rising and I am looking to see if the next test will hold or not. So far the market has tested the TA only once at 1201 only to rally 50 points. The FTA is at 1235..

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