cebenomic's open, shake out up n over thursday, page-13

I'm in a bit of a quandry this morning. I know most people wil be pleased to see markets higher again overnight but I am feeling uneasy. Felt yesterday that we hadn't done enough "work" and still feel the same. But at the same time, I would like to see the Dax fill a bit more of the gap it left above here and also it is positive to see Shanghai back up at 2500. Not long ago when it ws at 2300 everyone was calling the end of the world. But I am uneasy on New York. I know there is still a lot of money on the sidelines but certainly not like it was at the bottom. NFP Friday and that is often a defining point. I am holding my longer term positions but not adding at this stage. If the SPX came back to between 1150 to 1180 and consolidated there, then we should be able to make an argument for much higher levels. If that happened we would also be in a position to decide whether the game is over.

Hope I'm wrong and the market continues to surprise on the topside. Unfortunately I think that was October's story - not November.