Thursday, September 22, 2011

Retrace to TA

What couple of days! I am in Europe but I still get to see what's happening.. I went hedged when the TA broke and yesterday I went long at 1125 with the expectation that we retrace to the TA/Fib area, which I am guessing it will be around the 1170 area more or less. The sell off is somewhat panicky but the low for the year has not been tested yet, so maybe after a retracement we'll see a wave that will challenge 1101. But for now, I am long for the bounce and short at the test of the TA.

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