Wednesday, November 3, 2010

Dow 11,258

If the market happens to pop on the Fed announcement, pay close attention to where the market stops rallying. Again, it's all about Dow 11,258 to me. A break above that should be seen as a bullish signal. I see some professionals coming in at the lows, so it's entirely plausible the market can pop on the announcement, but if it fizzles out before making any real progress at breaking key resistance, then the rally means nothing.

Dow 11,258 would imply a gain of nearly 100 Dow pts from current levels.

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