Friday, December 9, 2011

200 day ma again?

The market bounced today as I was expecting but it was stronger than I had imagined. Should the C wave come Monday or Tuesday, it would have to be an equally strong bearish wave that should take us to the Fib retracement area. And like I said yesterday, the ideal level to start the new rally (the Santa Rally) would be the 50 day ma so we'll see if it happens early next week. I ended up shorting to hedge my longs at 1256 and I will be setting my stop to break even as soon as it moves to the 1250 area in case the market plans to start the rally without the retracement.

Have a good weekend!

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