Friday, December 10, 2010

Market Update - December 11th - Ascending Triangle Break Out

Market did break out of the triangle and I'm going to assume we'll be seeing 1250 soon. Despite being overbought and all the news the market doesn't feel like going down, so no point in fighting the trend. I cut my shorts yesterday but will re-add again possibly Monday or Tues, especially if we get a spike to 1250. I am staying long with FXI for a while so I'll technically be hedged if that level comes. The alternative of course is for the market to do a proper Fib retracement but it doesn't seem likely just yet.

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