nit pickin' tuesday, page-3

Have all the bears and fence sitters turned bullish yet? Been away and haven’t had time to read through the XJO thread – just struggling to try and catch up. So far the market has followed my path exactly but keep in mind, if it is going to fail, this is the area from which it could do so as the SPX has now retraced 50% of the ENTIRE FALL from this year’s high.

Short term starting to get overbought so looking for some more profit taking over coming days.

Of interest – natural gas prices have rallied strongly in the US over recent days. One of the main reasons for the big fall in coal prices has been US users switching to natural gas. If natural gas prices have bottomed it might be a bit encouraging for coal. Obviously not an overnight happening – just something to keep an eye on over coming weeks.