1281.95 was not violated today. If the market won't back down, it might want to test 1308, the 78.6% retracement from the October lows as measured from the May highs. But it could turn lower at any time, and the odds do not encourage new long positions at these levels (at least while I'm on the road). Nor has the VIX given a sell signal yet. I would love to see a classic "gap and crap" to suck in the last few buyers on some sort of "news." For some reason the market feels ripe for a false breakout of some sort.
Slow internet connection tonight here in Virginia, perhaps due to the brutal storm outside. It got so bad I decided not push it anymore. I wanted to post about the amazing place I found for lunch today -- completely by accident -- but it's taking too long. I'll follow up about it soon.
No post either Thursday or Friday morning.
http://www.sprott.com/Docs/MarketsataGlance/2012/January-2012.pdf
ReplyDeletean interesting read for you Marz, on your travels!!
I continue to appreciate the content of your Blog.
Tom A
Happy New Year, Tom. Thanks for the Sprott article. A very good read. Down here in Gainesville, GA. Elliott Wave Mecca! Glad you're still enjoying the blog. Best of luck.
ReplyDeleteMarz