Close Shorts and Open Longs????

Well it was a nice ride down from 3992. I must say that it was all going according to plan - it easily broke the 23.6% fib line at - 3793 and retraced backed to touch it before now breaking to the high side. It was setting up beautifully to break all the way down to my target of 3450 but all is not lost just yet.

For me the PPT and CPT are doing a wonderful job along side GS et al. at keeping this market up, but for how much further and longer will it last. I noticed that the big banks/broking houses are looking to return the TARP money. To me it seems they have put the TARP money to good use in ramping this market up and now are looking to sell into this rally and then return the funds and let the market fall again before resurrecting it.

Here is an updated chart, tonights session will determine whether or not I close those shorts, remember; 'you don't go broke making money'



safe trading