Market comments for Nov. 23rd, 2011

I have not posted much recently on the stock market because nothing much has changed. I have posted the chart I posted back 1 month ago, on Oct 23rd, with an update based on today's current level of the S&P 500.

Now below is today's chart as of 11:15am PST. As you can see we have gone back below the upper red line and I see that both moves above that red line were nothing but Bear traps. Bad News in Europe and the failure of our Congressional Super Committee to agree on debt reduction, has the stock markets declining world wide.

I am still on the short side of this market and prefer to be that way going into this weekend. But I also believe we are a bit oversold and so a rally may occur after the weekend.