Tuesday, November 1, 2011

Correction or Sell Off?

I was too busy today with Halloween stuff so couldn't write an update. However, the market reached the 1260 level I was hoping to trade and in the last few minutes of the day the market went thru the 1255 level. So right now I am looking at a possible sell off instead of a minor correction. We'll be able to tell clearly if the market closes under the TA which is currently at 1246. I jumped the gun today by taking profit and went long at 1260 since I didn't see the last few minutes coming but I am going hedged if we start trading under the TA. I wrote last week the market was ridiculously overbought so a swift sell off is not exactly unexpected.

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