Market Update

The general market bounced back yesterday after 4 down days. Basically, the market bounced from its Support levels:

• Dow Jones (50% of Fibonacci level)
• S&P 500, SPY (61.8% of Fibonacci level)
• Nasdaq Composite (SMA200)
• AAPL (50% of Fibonacci level)
• RIMM (38.2% of Fibonacci level)

Could it be a bull-trap? It remains to be seen. (Btw, I have no open positions at the moment)

I am now looking at the right set-up to short the financials (banks, mortgage lenders, etc) and housing stocks again. They are now experiencing a rally (it should be a short one though). Frankly, I prefer the market to experience some rally to recover some of their lost ground before testing the August Lows.

- PersianCat04 (Millionaire-in-progress)