Wednesday, October 28, 2009
Bulls used up all their ammo yesterday
The heavy volume yesterday were bulls making a stand at SPX 1060, they were too eager to defend that line and buy the dip. Today is the flood after the dam at 1060 burst. The selling force is powerful, and we'll likely selloff further, there is solid support down around 1040, which is another 10 points from here. Cascade selling is where one can accumulate a bunch of points on the short side quickly.
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5 comments:
Mkt loves the round numbers. That's why I'm calling for bounce at 1050 on the SPX cash. Could be wrong though. Who cares though. Now we are back in no mans land. Don't wanna be long or short the index.
LONG ABK DAWG 1.03
I am long everything right now dawg.
Cover your shit.
Your buying dumpers. So do you realize that all the stocks that you are buying are being dumped by funda managers by end of the month for window dressing purposes? You might get even lower prices tomorrow.
But yeah, most should bounce back next week.
I buy dumpers and sell them when they're pumpers.
You can only buy shit cheap when they are hated by all.
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