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Monday, February 22, 2010

Slow market

Current position: Long ES from 1073.25, stop & reverse @1085.00
http://screencast.com/t/YmM4OTNjZGM
Sideways grind today,  almost no net change.  I'm sure some talking head out there is saying "the market is digesting recent gains".
In EW terms we're either in (a) the C wave of a 2nd or B wave correction to the downstroke of Jan-Feb, or we are (b) embarking on a continuation of the bull market that started in Mar '09.  If it's (a) then it's pushing the envelope in terms of price & time and should  turn back down fairly soon, if it's (b) the volume has sure been stinky.  We should know the answer by the end of the week.
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