A Day To Take Profit
The Dow rose 490 points last night to 12,045. It has risen 814 points in three days and is very near to a short term downtrend line. S&P500 rose 52 points to 1,247. It has risen 88 points in three days and it is already touching the short term downtrend line where Stochastic is overbought :
Locally, the STI is approaching the important downtrend line mentioned in my previous posts. I have taken 50% of profits from my recently added positions. Biosensors, Genting and SembCorp are all making good gains. I believe today is not the day to add new long but to take profit.
Labels: Market Direction
posted by Market Wizards @ December 01, 2011
Comments: 0
