Today's action will seem bullish to many traders as they head out for the weekend. I see it differently. I see a market that is overbought and has serious resistance at 1100. That doesn't make me a bear for today, because I think today will be another short squeeze Friday. But come early next week, bears should be able to pick up some points as the market retraces some of the rally. We've gone up from ES 1026 to 1103 over 2 weeks. A 50% retracement of that move next week would not surprise me, which would be 1064.5. FMHR is 3 to 1 bulls to bears, with the bear not very enthusiastic. I am looking to reverse my position by the close.
Friday, November 13, 2009
Don't Get Fooled
Today's action will seem bullish to many traders as they head out for the weekend. I see it differently. I see a market that is overbought and has serious resistance at 1100. That doesn't make me a bear for today, because I think today will be another short squeeze Friday. But come early next week, bears should be able to pick up some points as the market retraces some of the rally. We've gone up from ES 1026 to 1103 over 2 weeks. A 50% retracement of that move next week would not surprise me, which would be 1064.5. FMHR is 3 to 1 bulls to bears, with the bear not very enthusiastic. I am looking to reverse my position by the close.
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1 comment:
NLST looks like an unbelievable short at these prices. The higher these pump and dumps go, the harder they fall. NLST is a very tough stock to borrow though.
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