Friday, November 5, 2010

Market Update November 5th

The market reached the bull flag target and at 1227, I suppose the market has gotten close enough for the 1234 target I posted weeks ago. Next week will be the 10th week and I am speculating the top is in already or next week. Of course, this could be the end of a W3 and go down to the 1200 area before going to 1250. But seeing how much the dollar gained today (basically it gained what it lost the day of the rally), the conditions are in for a reversal. That and the fact that the market is overbought and all the news that investors had been waiting for are all out.

I am leveraged short and covering at the 1200 area if we get there in a corrective manner. But I will not cover if we breach the level posted.. we'll see.

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