Wednesday, January 27, 2010

The bounce is underway...

I am looking for a bounce into the gray rectangle marked. An ideal target would be the green circle marked. Its the intersection of the 62% retrace and a trendline support.
I posted the chart last night showing that it would bounce on the tourquoise trendline. Well what do you know :)
VIX should move back to the center of the BB (20ma) before bouncing back up.
BPSPX:CPC is looking good. The 20ma should cross the 50ma with in the next 5-10 trading days.
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