Friday, January 4, 2013
S&P 500 close 1/4
Not the move I was hoping for, but not completely out of the question. The market finished higher today by 7 points putting it above the high for 2012. The momentum for the long term is good but short term is getting a little weaker. I am still hopeful for a small correction so that I can purchase this market. We are technically way overbought having the top of the value range at about 1439. Again anything below 1450 would be ideal. I do not mind waiting. One of the cardinal rules of technicians is do not chase the market.