We hardly bounced off of very oversold breath indicators and market is churning here. The volume is heavy for going nowhere on the S&P which tells me bulls are making a stand here at 1060. Bulls have used up most of their bullets. They have very few bullets left to defend lower levels. If we break 1057 on ES, we're gonna free fall down to low 1040s in one day. That could happen tomorrow or Thursday.
I don't want to miss it. I am gonna get short again by the close with a gap down likely for tomorrow.
Tuesday, October 27, 2009
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I think we might follow through tomorrow at the open, but I think I'm gonna cover at the open after ,if we're lucky, another .5% to 1% down move from here.
After that I think we bounce and we go back to over 1070
I am looking for a trend down day after we break 1057 on ES. Bulls used up a lot of bullets today to keep this market above 1060 on SPX.
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