Sunday, July 17, 2011

1300 might be tested

The C wave is taking its time and I am getting the feeling that 1300 might be tested first before the C wave can take place. On my count, 1298 is the line in the sand for W4 so it will be cutting it close. With so much uncertainty on the economy and the debt ceiling, it's no surprise the market finds it hard to rally. However, if the there's some agreement on the debt ceiling I would expect a big relief rally. So this week is going to be an interesting one. The margin position I entered at the 50 day ma, got stopped out again. So I will just wait this out until there is more clarity.

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