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Market Update, 3-11

|Includes: ProShares UltraPro Short S&P 500 ETF (SPXU-OLD), UPRO

      The market continued its ride up today. I am still learning, just like everyone else in the world, and thought that this ride was over a little prematurely. I lost a little bit of money today on that call. However, the market did reach a very critical point today: 1150. After opening lower, puddling along, and finally breaking out in the last hour of trading, the market closed up .4% at 1150. I have talked about this level numerous time in my previous posts, and I will continue to do so.

     The market stalled its collapse around this level last October, and failed to break it this January. Let us also note that many of the technical indicators seem to have topped out, and either there will be another breakout tomorrow [unlikely] or the market will once again top out at this level and start a down segment next week. At this point the montra is "wait and see." If the market gaps up above 1150 tomorrow, we may be in for a good continuation of this up segment. Conversely, if it fails to do so, we will likely see the beginning of a down segment. I won't pretend to know which way it will decide to go, although it is more likely down. I do know this though: Tomorrow will be interesting. 

Disclosure: I am long SPXU, the -3x S&P-tracking ETF