Monday, September 26, 2011

More Upside?

The market rallied as I had been expecting last week and I am looking at the TA as the spot to take profits or remain long. The test of the TA (currently at 1179) might come as soon as tomorrow or Wednesday and then a new bearish wave might take the market down to 1101. However, if the market can hold the TA then it will rally to 1200+ to test the 50 day MA. Fundamentally speaking, if a TARP like program is announced in Europe then it will serve as an great excuse to rally to the 50 day MA which is currently at 1210... and I hope they do since I am long on margin from the lows last week.

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