Analysis:
The Analysis on Jan. 14 predicted that "the market will continue its upward move until 1,300-1,320 range before it runs out of steam." Today the market entered its correction phase that is long over due. Despite upbeat earnings from bellwether companies IBM and Apple, the market dropped 13 points. The correction will continue because the market still closed above its 10-day moving average, and the correction will not pause until the market tests this year's low of 1,261.
Strategy:
Sold short at 1,294
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