The short side will be a bit tougher going forward. That doesn't mean we won't go down more. I think we will. But it won't be right away and with the ferocity of the past several sessions. Traders now realize that this pullback is a bit bigger and bit different than the previous ones. So they won't be caught as offguard when we have the next selloff.
We're not bouncing back with the vigor as in previous selloffs. And we are selling off hard on good news. We might have 1 more up day, with upside to 1090. But we might just be topping out again today and gap down tomorrow. I am leaning more towards the latter. In either case, I expect the gap to be filled at 1069, and more selling down to 1062, perhaps by Wednesday or Thursday.
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1 comment:
So you're still short.
You are trying to squeeze every inch out of these wiggles.
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