The January Barometer indicates a negative year for stocks. Bearish monthly reversal candle is in place.
I've been calling for a bounce since last week, it never came so I'm still waiting for it so that I could pick up some shorts.
The QQQQ is very bearish, I'll look for a bounce to pick up some QID and then playing the Q's until it hits the weekly 200-MA
My strategy for 2010: only play to the short side and play small and mid-caps.
Watch stocks like IBM to monitor the health of the market. My prediction going forward is that IBM will go down until it hits its weekly 50-MA; that would be VERY bearish for the overall market
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