Tuesday, March 2, 2010
No Good Setup
A squeeze up to 1124 would have been a perfect short entry but we know this market doesn't like to give easy short entries. We are seeing emotionless trading, which is to the advantage of the bulls because we've rallied and yet to see a lot of bullish excitement. I have reduced my short position as a result. I want to be able to load up on the short side either later in the day or in the overnight session tomorrow at higher prices.
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3 comments:
Are you near term bullish?
We just went from 1085 to 1125.
This has to be a top around here somewhere.
No, I am not bullish. Just playing for field position. I want to have more room to add if we go a few points higher. I think risk reward favors the short side but today's intraday pattern tells me we won't likely get the selloff today, so I want to wait till later today or tomorrow in premarket.
If US finishes in single digits or red, they're gonna sell off overseas :)
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