10/6/2009 - Market Update

SPX broke through 20 EMA at 1044 on higher volume than yesterday with a very strong close without a selloff.  60 Min chart shows SPX breaking through the recent down channel, and then backtesting and the channel held as support - very bullish.  SPX may try to move up back into the bottom trendline on the bearish rising wedge - will see what happens.  Hold onto longs, initiate new longs if the stock of your choice is near the 50 or 20 EMA.  Do not short and hope for the market to fall - the market is still in a very strong uptrend.