I don't look for anything crazy today as I believe weak long traders likely bailed yesterday afternoon and that leaves the hardier longs hanging on. I expect slight weakness early on in the day due to yesterday's reversal, and then we'll probably just chop for most of the day and rally into the close.
Either Friday or Monday I am expecting a continuation of this selloff, if we don't get it, then I am wrong about this market having topped. But I believe odds are that we will. Bears are finally hitting back against the bulls, should make for some more exciting trade in the coming weeks.
Thursday, October 22, 2009
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5 comments:
My stocks are bouncing like they used to. This means something. I feel a cold long winter coming on.
Not bouncing.
How many points you make this time?
Where is your exit point?
I have a core short position and I only covered the trading portion of my position this morning. I am looking for strength in the afternoon to add to my short but I may not get it. I will wait however, but in any case, I will add to my short at the close. This market looks like it can collapse at anytime now. Yesterday was just a sneak preview of things to come.
well, another good call after yesterday. hopefully your call for tommorow will be precious too.
Thanks, I didn't expect the rally to be so explosive, but it does set up a better short opportunity for tomorrow morning. I tend to be a bear so I don't make much when the market rallies.
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