Wednesday, October 5, 2011

TA met - Correction coming as soon as tomorrow

The market met the TA as I had been expecting and closed barely above it, starting what should be a change of the short term trend (I have been very right lately and that usually means I will be wrong soon, so let's see how long I can keep the streak going).. However, we need more closes above the TA to confirm and from the way the wave from 1074 looks, it is due for a correction in the next couple of sessions. So I am expecting a pullback to the 1110 area at this point. And should the market continue to rally, I see 1180 as a level to go short if the market does not pullback. I sold my margin long position at 1133 and then I hedged 80% of my core longs at 1141. Also, another possibility is the market hitting the trendlines on the chart. Whatever it is, this seems at the moment like the beginning of a rally to the 1250.

Last but not least, may Steve Jobs RIP. A man with his vision usually comes only once a century.

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