11/9/2009 - Market Update

The 50 EMA was recently broken just like mid July, it bounced back and busted through the 20 EMA on a large white candle.  The formation is nearly identical to July's bounce.  I have stated on 10/28 that this may play out exactly like July.   Once again, the market has defied all bearish negativity even with unemployment rising above 10%.  The overall trend remains up, so continue to hold longs that are still in an uptrend.