Happy to be able to get this forecast right; the close below 11800 on Dow and close below 1230 on SnP invited 11550 [a shade above the predicted 11500 levels] and SnP hit the targets.
Shorts should now revise stop loss to 11600 on Dow to lock in gains [and 1195 on SnP] How far down this will go is anybody's guess but some short-covering should come by EOD or perhaps tomorrow. Expect at least 38.2% - 50% of the current fall to be retraced from the lows before starting the next leg down.
As far as I am concerned, wanted to see this on Black Friday but markets decided to do this after slicing and dicing the turkey ;-) Important point to note is that the December series of Dow has opened on a bad note (today being first day of FnO series) and in all likelihood, a lot of people will rename November 2011 as Mowember unless the Fed comes in and introduces QE in some form [if QE comes, then bulls will mow down bears once again!]
Shorts should now revise stop loss to 11600 on Dow to lock in gains [and 1195 on SnP] How far down this will go is anybody's guess but some short-covering should come by EOD or perhaps tomorrow. Expect at least 38.2% - 50% of the current fall to be retraced from the lows before starting the next leg down.
As far as I am concerned, wanted to see this on Black Friday but markets decided to do this after slicing and dicing the turkey ;-) Important point to note is that the December series of Dow has opened on a bad note (today being first day of FnO series) and in all likelihood, a lot of people will rename November 2011 as Mowember unless the Fed comes in and introduces QE in some form [if QE comes, then bulls will mow down bears once again!]
oops further falls seen - pls revise Trailing Stop Loss to 11500 on Dow [1190 on SnP] to lock in the gains further
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