Friday, January 8, 2010


Although the futures were mostly higher overnight the markets opened lower after the non-farm employment change was worse than expected.

So, I didn't get the gap up I hoped for but therefore the market started to rally right after the open as expected. A bit more than an hour ago the SPX hit 1142.52 making a new rally high. Right now we're about 2 points below it and it's very well possible that this was the top.

But for now it's just an assumption and I wouldn't bet any money on it ; ) A first sign that the market has peaked would be a drop below today's low.

Edit 15:20: I actually thought this day would look similar as the "day 5's" of waves [i] and [iii] when we got a sell off into the close. So, let's see what we'll get in the next forty minutes... ; )