Tuesday, February 28, 2012

Almost there?

The market continued its march towards 1376 and we might even get there tomorrow. The market seems to be losing strength so it'll be interesting when the time comes. There has been some debate on where the next corrective leg will take us and I personally favor a proper Fib retracement to the 1270-1310 area. Ideally, we would test the 200 day MA but that seems almost far fetched at this point. However, on December 23rd at the start of this rally I posted how the new rally could test 1370 and pointed out the 13200 target for the DOW (It closed for the first time over 13000 in almost 4 years today). So unlikely targets sometimes become reality in a blink of an eye, that's what makes the stock market interesting and challenging.

Today I made some trades and they were logged as follows.


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