Friday, December 23, 2011

Close Above 200 day MA - Imminent 13:34 Cross

I first speculated about the possible market turns in early November and it seems like the market has done exactly what I had envisioned. The close today is the first one above the 200 day MA since the end of A or Wave 1, so I am expecting this wave to go on for a while. Also, there is an imminent 13:34 cross coming as soon as next week, a likely golden cross and an inverted Head and Shoulders on the DOW that targets 13200. So unless there is something cataclysmic on the horizon, the path of least resistance is way up. I could get into the tech analysis tools that support a bigger rise coming but I think keeping it simple works best. The market is well above the TA and like I said couple of months ago there is a possibility of seeing 1370 challenged on this leg so we'll see what next week looks like. I'm staying margin long until I see any signs of reversal.. for now hope everyone that is long is enjoying this ride.

Have a great weekend and Merry Christmas!

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