Friday, January 28, 2011

Correction has started

We finally had a sell off today that broke the trend convincingly and the market closed exactly -1% away from yesterday's trend average, so chances are high that a multi-week correction has started as the trend turned bearish today. However, we do need another close below the trend to confirm and break last week's low of 1271. A close above 1288 will reverse the bearish trend. I had been wondering what the catalyst for the sell of would be for weeks and who would have thought it would be Egypt??

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