THE DOT - if this turns orange or red be alert

Friday, January 22, 2010

NDX update - - short side is the right way to go for the next weeks

Ain't that sweet right after the Barron's roundtable declared the bullmarket to carry on the market decided to take a dive. Well as I said as soon as Jupiter moves out of the Aquarius game over for Tech - just check the SOX for its performance lost already 13% from the top. A picture tells sometimes more than a 1000 words - check the NDX weekly for reference, we broke the uptrend first time and closed this week the gap up 5 weeks ago. The indicators are all overbought still and plenty of way to go as a conservative target 1600 seems to be just a matter of time ( well rather mid Feb ) as a retest of the lows is still our target for the first half of the year. We had almost a 900 points run which is 90 % performance with Jupiter the main driver. 38% retracement is matching the target area of 1560-1600 for the first wave as it is the 200 day MA level and should be reached within 9- 10 weeks.

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