Tuesday, November 9, 2010

Market Update November 9th

The market ended up going down as I was expecting and I am seeing this as a correction or W4. Traditional technical indicators confirm a downtrend with this close but given the fact that we ended up over 1204 and the trend is still pointing up, I am assuming there will be a 5th wave that will take us to high 1220s/low 1230s and not the real correction many shorts have been looking for. It would be interesting to see the market top at 1234, which is a number I posted several weeks ago. But all looks like a 50/50 now, Elliott Wave vs Technical Analysis.

I went hedged today per my plan yesterday. So hopefully we'll see that one more rally and then a sell off.

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