Tuesday, February 14, 2012


Bad news out of Europe and bears get sucked in again !

FTSE 30 minute chart

possible inverse head and shoulders neckline 5920 target 6000

NDX daily chart
The Nasdaq has been a leader in the equity rally.
Looking at past rallies on the daily chart we can see that we are either nearing a top (UNLIKELY)  or (MORE LIKELY) a minor correction of 5-7 % before the rally continues up

Especially as we have come out of a LARGE consolidation lasting almost 8 months.  A 5 % correction would retest the break out level.

Strategy: take profits on longs, wait correction for re-entry
Nimble : short on strength, for short term trade

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