Wednesday, October 28, 2009

Taking Profits at S&P 1053

That's a solid 40 point move and time to take profits.  Elliott patterns indicate a 3 wave selloff is complete.

Moreover, this is the first time in months that the market has not rallied after piercing below the 20 day moving average.  Looks like this time the trend is different and my plan is to short all rallies going forward.

Fundamentally the new home sales number was surprisingly weak, but the more important news was yesterday's consumer confidence series, one of the less manipulated economic series out there.

Looking to build positions in Netflix, Vonage, and Gafisa GFA and adding very small
Letting profits ride on Bank of Ireland IRE

S&P 500 1053

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