Tuesday, November 15, 2011


The market did not turn down impulsively as I was hoping and instead it is still stuck in the triangle. Technically, it broke to the upside but not enough to attain a higher peak to confirm the break out. So the suspense continues but we should see which way the market intends to go tomorrow or Thurs at the latest. The market has yet to do a proper Fib retracement and continues to trade under the 200 day MA, that and the fact we have a confirmed bearish short term trend in place. But if the market closes higher and above the 200 day MA, then we are on to the 1300+ most likely.

Cash continues to be my friend and I'm not trading until I see some resolution to this triangle.

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