Monday, November 26, 2012

This giveback is needed

It's normal, and required

Today the market gave back 120 points on the DJIA at its lowest point, then regained some ground to close down 42.  I believe this is a required move.  I would like to see it continue to the downside a bit more before recapturing the uptrend.  Markets that trend up are good, but those that move too high too fast make me a bit nervous.  It seemed like the "cyber Monday  numbers were good and I received a text message from my CNBC app that some sort of Greece finance deal was worked out.  Those may be catalysts for the market to move tomorrow.

I'm watching one thing on the RumWave chart that has me a little, well, cautious.  I'm keeping a close eye on it and will let you know if it becomes more serious.

Today's Scores:

We are seeing a climb in the daily and 4 hr chart scores.  The RumWave chart score is climbing, but it is not at an inflection point yet.

The bottom line is that I'm holding my positions through this small downturn.  If things turn bad on the RumWave chart I'll exit them, but I'll post it on the blog when I do.


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