21st of March 2009 I suggested increasing equity weights on OSE again . Since then, OSEBX has moved from 224 to 284 (26.8 percent), and now seems to be a good time to start taking profit. Why? Because in my opinion, the market has moved too quickly and is positioning itself for a short-term correction.
Technically, on the other hand, there isn't much resistance untill the 315-level (both 255 day moving average and next fibonacci level)
(click image for full size)
In favor of a continuous growth is that the move has been on high volume and international investors seems to be weigthing up again.
Personally, however, I'm confortable with the gains for now and think it is time to reduce positions on the market and position myself defensively, such as primary capital certificates / grunnfondsbevis. Target for correction is the 45 day moving average, around 230-240 when it should be time to increase weights again.
Obviously I could be wrong, I guess time will show.
2 thoughts on “Reaching the top - for now?”
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