Friday, March 19, 2010
Coin Flip for Monday
The market closed right at a level where I have no clue whether we gap up or down. I am leaning a bit towards a gap down, but its pretty much a coin flip. The health care bill will be good conversation fodder and a good excuse to either rally or sell off, but don't believe Cramer. Its not gonna determine the fate of this market. I don't have a lot of conviction on either side in this market, but I will be buying weakness on Monday for a quick flip.
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2 comments:
I say we see a gap down. ETFs holding companies of Japan, China, & India (EWJ, FXI, & INP) are sufficiently oversold Friday. Those countries' markets should start lower on Monday, and I expect them to take their markets down because they're overextended also.
Europe is too overextended, just like the US. The DAX finally got a big red candlestick on Friday, which should give the bears the green light to sell. The DAX is short of a perfect double top, but technically, double tops don't have to be perfect.
Good luck everyone!
Sunday evening at 8:45, the S&P futures -6.3. hehe -Petsamo
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