Thursday, March 31, 2011

Mild Correction so far..

The pullback has started but the fact the market has held above the 1325 support level suggests a mild correction so far. I favor a stronger pullback but if we get another few points off tomorrow then the market will have enough strength to break the 1332 resistance and turn the market officially bullish again. Oil is at $106, which weeks ago caused panic. But there is a sense of faith in the markets right now which works for the bullish case. I plan to go long (especially emerging markets) if we get anything less than a big sell off.

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