17 NOV 2010, Wednesday (AM)

• As indicated 10 NOV, Vet's Day post, the correction is now playing out.
• Market has broken down from the up channel and has fallen into the first congestion area (black line).  The 50MA isn't far below either.  If this is just a correction there could be some more down but some shorter term indicators have gotten oversold, so may get a little stabilization first.
• Now that the market is getting some flow back, will be watching to see how it moves to determine what may be up.  If this turns out to be more than just a correction, could we see a rally back up toward 1197 / 1213 and a fail?  Who knows...
• Just watching and trading...all I can do in this Fed POMO world...gotta be nimble!  Interesting point though, POMO has been basically daily for the past week and it seems to have lost some of its shine.  Is Ben Bernanke losing his grip on the markets?