Tuesday, November 8, 2011

Correction coming

The market continued to climb today but not in a impulsive way, so I continue to believe this wave from 1217 is corrective wave and will end relatively soon. The next bearish wave should be a stronger wave that would take us take us to the lower 1200's. The market needs a catalyst for that and maybe the current confusion in Italy and Greece will help the bearish case. The markets started the rally supposedly because of the perceived solution to the European problem but 200 points later I don't see anything solidified, so the same issues that cause the sell off in the first place are still present.

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