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Thursday, November 12, 2009

All Fall, Fall Off the Wall

Sorry, I have read "Hop on Pop" about 100 times in the past few weeks, I can't get it out of my head :)

Yep, like I was saying yesterday (SPX Count) I think this current wave up was done. There is still an outside change that we could make one last stab at a new high for this rally, but I think that it is less likely than just heading down for awhile. The breadth really tapered off and the up volume STINKS!!.

Disclosure: I am short.

Looking at the channel chart, all of the uptrend channel lines are broken. Save the last pink one. We may get a bounce there. But I don't expect another new high to result from it.

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