Tuesday, December 14, 2010

Market Update - December 14th - Broadening Triangle formation

The market refused to pullback today and in the process the left the markings of what seems to be a Broadening Descending Triangle, which is generally considered bullish as prices consolidate before pushing higher. So I covered my shorts from yesterday at a small profit, keeping longs and waiting again for another push up to see if that will mark the top. I guess we'll see 1250 after all and if people get euphoric we might even see 1300 by January 1st. However, for now I am assuming the top is nearby.

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