Tuesday, March 29, 2011

Shallow Pullback

I don't expect a very deep pullback here, we had our standard correction in Feb-March, and now it is back to your regularly scheduled uptrend.  I still don't want to fight the long term uptrend, if we do pullback a bit more, I expect strong support at 1296, around SPX 1300.  So the risk reward for a long is very good if we can reach those levels sometime this week.  Today, I will be waiting for that pullback down to strong support to nibble on longs.

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