Friday, January 29, 2010

Not Good For Bulls

Today's initial rally and failure to continue just made the intraday chart more bearish. There is more bearishness but traders are still thinking that a bounce is just right around the corner.  Perhaps that is why there is no give up and a flush lower, the buyers are just hanging on, hoping for a bounce.

I think a bounce will come, but from lower levels.   I am staying short here, and expect the next couple of hours to be weaker. 

8 comments:

Market Owl said...

Reducing a part of my short here, still short a lot.

Anonymous said...

I found this great picture of you.

http://upload.wikimedia.org/wikipedia/commons/c/ce/Male_kodiak_bear_face.JPG

Anonymous said...

http://upload.wikimedia.org/wikipedia/commons/c/ce/Male_kodiak_bear_face.JPG

Anonymous said...

Throwing up the white flag

sold EDC @ 104

old dawg

Market Owl said...

I have covered all my shorts.

Anonymous said...

nice trade you nailed this one.

Anonymous said...

Are you gonna buy any dips here or are you gonna short rallies.

I guess if the next couples moves are down you'll get long and if they are up, you'll short.

I think I will get back in EDC around 95.

Market Owl said...

I am looking long here, below 1070