Monday, October 10, 2011

Charting the rebound -- S&P hourly

the rally from ~1080 has been pretty impressive, but I had to lighten up on my most speculative positions at the end of trading this afternoon. I'll gladly take even more immediate gratification from this market, since I'm still seriously long, but the chart above makes plain my outlook for the next fortnight or more. a 40 to 50 point consolidation is in order, followed by another 100 point plus rebound.