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.

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