Monday, March 16, 2009

Pullback In The Rally?

Today's decline is probably the beginning of a b wave pullback in the rally. There really is no way to know at this point, but the fact that the Nasdaq Composite pushed above the low of minor wave 1 from January 20 indicates that this rally has more work to do before the lows are retested, or that the bottom is already in place. We will know once the pullback is over and we see the subseqent market action. At this point I am holding short term swing long positions that have not met target objectives and will exit them if conditions warrant.

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