Tuesday, March 16, 2010
Need A Breakout
This market is slowly cooking up the pressure on anybody that is short or underinvested. I think we need a mini breakout to clear out the stops and relieve the pressure. It is just a theory I have because this market is not giving that pullback that a lot of investors and traders want. Once the pressure is relieved by breaking out, we will be so overbought that the market can do nothing but go down. I am waiting patiently for a breakout to about 1155 to put on my shorts. At that level, I won't have to take too much heat before we go back down.
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3 comments:
Personally, I think it's suicide to initiate long positions at these high levels. There's no telling where the top is at this point.
The bar charts look similar to the one in January before the drop. If it's similar action within 5 trading days market drops hard.
Bring it on!
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