Wednesday, November 11, 2009

Top...(again for now...)

Another doji formed at the apex today. This marginal new high on looks to be a short term top that could potentially be the long term P2 top. We have to wait to see.
I was surprised by the BPSPX:CPC. I thoroughly expected it to tell me to cover my short positions today. But today was a down day for it.
CPCI:CPCE FINALLY gave a sell signal today.
VIX formed a bullish long legged doji. Looks like it tested its support and has now turned around.
Bonds formed a shooting star type formation, so I expect them to start retreating soon.

The previous P2 top was invalidated, but just barely. The new top appears to be where we are at now, barring a major advance. Market momentum in the day was dead and the rise today is attributed to the gap up caused by the futures market.

So still holding short...
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