Monday, May 2, 2011


I think we are finally seeing the start of a correction. However, what degree of a correction is the question. I favor a test of the TA, which is currently at 1344 and rising, before continuing upwards. I was ready to take losses (and gladly so given the events) today when I found about the Bin Laden news. But by the time the market opened, there was weakness so instead I just took some minor profit around 1360 and will be ready to go long when the next bullish wave resumes.

On a side note, it was about time this guy was eliminated. It seemed strange to me that we had spent about $1 trillion in wars that started because of Bin Landen and yet this guy was still around. So even if his killing does not end the war or Al Qaeda, at least there is some closure to 9/11. Just too bad it took 10 years to do this. Ironically, the guy lived in a mansion near the capital of Pakistan and not in some hole in a mountain as many had led us to believe.

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