I don't want to be short overnight, I think earnings news and relief after today's rebound will cause a gap up, so I will wait for tomorrow morning to feed the ducks. I think we will sell off hard from the open on a gap up tomorrow.
This market is clearly showing topping action, the volume today was above average, as was yesterday, and we've basically gone nowhere. Volume was the missing ingredient that I was waiting for, as well as intraday volatility to tell me that a turn was near. We are getting that these past 2 days.
Thursday, October 22, 2009
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