Friday, January 21, 2011


Watch out for a possible reversal. If market close in red today after very good earnings from GOOG, AMD and GE and after rallying 10 points in the morning the chance for a decent downtrend increase significantly. At the fundamental level there is no reason for market to go down so the only explanation left is that all the good news are already baked in the market and bulls are willing to take their profit here.

The most important level remain SMA 120, 1274 right this moment. Let's keep an eye on this level and of course on EMA 25 and EMA 50.

GOOG is down despite the very good earnings, another warning sign.


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