Thursday, October 16, 2008

IBD Marks Confirmed Rally

Today's action qualified as a follow-through day per IBD, although they indicated there is little worth buying at the present time. It does warn that it might be prudent to begin scaling out of short positions. I gave back a lot today, unfortunately, but that's the way it goes sometimes. I will be exiting some short positions tomorrow, however, I am not convinced as yet that this rally is for real. I want to see more confirmations before I reverse and go long.

Resistance tomorrow in the Dow is at 9184, 32.88 to 33.51 for the Qs.

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