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Friday, October 14, 2011

Friday, 10/14/11 update

Buy signal on SPX/Vindicator as expected, covered short ES positions but am holding off on going long for now. Looks like a 5 wave pattern up from the Oct 4 low at 1068 is finishing up, also with a 13 - 14% rally in 9 trading days a more significant correction than that of Wed - Thur would seem to be in order. Finally, the 50% retrace of the early May thru Oct 4 sell off is in the 1220 area, and we're pretty much there.
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