10/29/2009 - Market Update

Very strong rally today across all sectors, and it looks like a higher swing low from the dip on 10/2.  However, the market is not out of the woods yet - the $SPX must break the 20 EMA at around 1069 tomorrow and close above it in order to prove to me that the uptrend will continue.  If it does not by the end of the day, I am willing to dump 1/3 of the long positions that I've been holding since the uptrend started or hedge myself with some inverse ETFs.  The reason being that the Russell index is still below the 50 EMA.