The gap down confirms my suspicions that yesterday was likely the top for this countertrend move started from last Friday. I don't expect us to fall straight down today ahead of the President's Day holiday. I expect choppy trading, but with a negative bias. The euro weakness is giving a big hint that the market is not ready to make another up move. I think the big move on the downside will start early next week as the Greece non-news is digested.
I would short any strength in the first hour of trade as I think it will be unsustainable. It is a good time to get short and stay short.
Subscribe to:
Post Comments (Atom)
Posts
7 comments:
i have been noticing the GDX being a leading indicator here lately. Lets see if it plays out
Long GY @ 3.54
Ol dawg
Owl, this huge intraday rally is becoming a tradition.
Don't you think it shows significant market strength ?
out GY $3.81
New Dog
I was watching that one from the insider buying list.
Thanks for pointing it out
Rather than intraday rallies, I would say that trading above 1080 resistance is a sign of strength. And we are not trading above 1080.
Way to goo New DAwg!!!
You go gurl. I just sold my shares too.
OL DAWG
Post a Comment