Analysis:
On Oct. 1, 2010 the Analysis predicted that "the market will attempt to stay below 1,131 before rallying from a point below 1,131 to soar above 1,150." Yesterday the market got a fraction of a point above 1,131 and today soared above 1,150 convincingly. This is a perfect example to illustrate the trading adage that "the last few ticks of profits are the most expensive ones to earn." The market soared because it found a bottom at 1,131 yesterday. Today the uncertain sentiment turned bullish to break the resistance at 1,150. Looking ahead to tomorrow, any market retreat towards 1,150 should provide an opportunity to get long.
Strategy:
Offset short at 1,156 for a loss of 34 points
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