Friday, January 6, 2012

Market Update

The market failed to rally as I had been expecting, however the waves continue to look corrective so Monday (or Tuesday) we should get an answer. At first the market attempted a rally in pre-market but this quickly faded and instead nothing much happened. But since we're above the Trend Average and seasonality is bullish around this time of year, I will continue to expect one last rally before a correction unless the market breaks the TA and confirms a bearish short term trend. The confirmation at 1221 on Dec 21st has proven solid, so we'll see how much higher can the TA get.

Have a Good Weekend!

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