Tim and I disagree here, I have a top here on Wednesday (2:00 PM <g>), then a "mild decline" (but if we break the 2395, about today's close, by Friday, forget about mild and run for the hills), I think we should be able to reach about the peak of the post fed rally or just under, if we make a new high, then my scenario will change, and Wednesday will not be the peak. I doubt very much that we will see anything higher than 2850 in January (another change of mind, since I had before 3050 as the January peak, those turnips change their mind and quite often).
If you see the rally stuttering by mid day Wednesday, you may want to take some of the chips off the table, it is really not a good time to be margined right now, IMHO.
By the way, if we do peak here and the following decline is mild (2395 not breached, then I the see the beginning next week as "volatile" with a slight bias up, a decline toward the 23rd and a bottom (don't get excited, just a local bottom) and the rally resuming around the 24th/25th.
Zeev |
