The rally on Wednesday burned out many bears. I mentioned a while ago while the market was on its way up, that the media was selectively focusing on news that were in line with sentiments. The Euro crisis was a backdrop that did not receive any attention, until coincidentally when the market peak formed.
Although it came quick and scary, i conclude that it is a correction rather than a trend reversal.
My strategy for the next two weeks is to get on the long side above 377.3 while staying out if it falls below (not short). If my position is triggered, stop@ 370.9 (below MA)
