The past month has been a busy time for me in the day job. Barbara gave me a kind phone call to catch up and to remind me that I was missed in blog land. I'm not sure what happened in February but my work load seems to have picked up. So, I apologize to my readers for dropping off the radar for a bit.
I will have more to say over the coming weeks.
From what I can tell, the market seems to have made a short-term top on Friday, February 18, 2011 @1344. The breakaway gap down on Tuesday morning confirmed the sharp correction that we are currently experiencing. Now is the time to watch and wait for a high probability setup. Today, the low was 1294 on the S&P 500 Index. This level is important for the next few days. Should it break, expect a decline over 4 or so days to 1227.
That would be a buy point, 1227.
I'm still expecting a significant low in late May but, for now, watch what happens @ 1227.
Later,
Wink
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