Thursday, October 6, 2011

Bullish Short Term trend confirmed

The TA has confirmed a bullish trend today and the market hit the trendline I drew yesterday. I am however being careful with longs right now and rather load up on the pullback. As it is, I expect a correction now to at least 1120-1130 to test support at that level before resuming the uptrend. It's funny to see all those people who were panicking just few days ago are now desperate to buy.. I am still waiting for either 1180 (if we see a last up wave it should end at 1183-1186) or the break of the TA to possibly go short. I went 100% hedged today at 1156 so just waiting for the correction to come. Also, despite the fact that I think the bottom was at 1074, I still see a minor possibility to see a huge bearish wave to 1040 to wash out all the weak longs. But if the 1100-1120 support holds, that possibility can be eliminated.

And btw, how about those Wall Street occupiers? they remind me of people who send emails to boycott gas stations for a day to bring down the price of gas..

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