Tuesday, October 12, 2010

Market Update

The SPX has almost reached the 1170 upper target provided using the Fibonacci levels:

This, coupled with the put/call ratio spiking up, warrants some caution:

However the bears will probably be disappointed again. I think the market is in the process of building the confidence of the bulls so, what will look like the start of a bigger correction will be quickly reversed to the upside.

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