Tuesday, November 30, 2010

Too Much To Digest

SGS is Neutral (as of close of 11/9) and RTS is in cash (as of open of 11/10).

Market has just too much to digest, China, Europe, tax cuts, possible financial Wikileaks, etc.  SPX is range bound between 1200 and 1170, give or take a few points.  There is also a looming descending triangle formation with a possible objective at or near 200D SMA. 

 I still think that chances are good for a Santa rally to test Nov. high and beyond sometime this year, but it's best to let Market make up her mind and set a course for us to follow.  A solid and heavy close above SPX 1200 would be the trigger to go long and a solid and heavy close below 1170 would be the trigger to go short.  I'm looking for SPX to close above 1200 sometime this week.



Disclaimer: The views expressed are provided for information purposes only and should not be construed in any way as investment advice or recommendation.  Furthermore, the opinions expressed may change without notice

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