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A “Quicky” Update October 27, 2011

Posted by Tom in Thoughts.
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This is an early, before Friday Close post, since I’m traveling tomorrow to Chicago for a seminar.  So here’s the short version:

Yes, the market did break thru the previous old support level of 1260, resoundingly.  Are happy days here again?  Well better days are here.  Do not be surprised at a correction (down) in this up trend.  It’s gone way too far, way too fast.  I’d scale into (a slow entry) this market; and I have been most of this week.  I’m being cautious and selective.

Here are some areas to consider:  Energy and Energy Services, select International and Industrial sectors.  It appears that Basic Materials have sprung back to life as well.  Finance, Real Estate and Semiconductors are not far behind.  This rally has been fairly broad, so many areas are up.

I’ll try to get a post off early next week, since this week is hectic.  Cheers & Take Care.     …….  Tom  …….

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