Over the past few days, in the first 30 minutes of the day, we've been having strength but its faded after the first hour and have continued weakness throughout the day.
This tells me that the longs don't want to miss a rally and shorts don't want to be caught in a squeeze higher, but there is no back up firepower behind the buying.
We need to go lower to relieve the building selling pressure, otherwise, it just gets pent up and explodes to the downside at a later date.
Goldman lowered their GDP forecast from 3% to 2.7%. I guess they are looking to buy today or cover their shorts.
Wednesday, October 28, 2009
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1 comment:
I covered my short dawg.
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