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Thursday, November 3, 2011

Market Thought... Dec 4th

The referendum vote will take place at this date.

While there is value in this market, I just do not see the need to pile in here, after today's move. The markers are still over bought, and the level of uncertainty until Dec 4th, IMO, is enough to cause a consolidation here. (The markets will discount a 'no' vote.)

Regardless of how the vote plays out, there is a Plan B, and no credit freeze will take place. (Although it will be costly)

I found that the SP500 holding the 360SMA support very interesting, and supports my thesis that the market will reestablish it's uptrend.

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