Thursday, May 27, 2010

Looking Short Now

I will be looking to grab a short position soon.  These reflex bounces off oversold conditions usually breakdown within 2 days.  So tomorrow should be some range trading and then early next week we'll likely head back down to fill the gap at 1065. 

4 comments:

Petsamo said...

SPY finished just above its 200 day SMA, SPX finished just below. My indicators say we gap up, but I'm hoping for a gap down. I have 2 of 7 positions in cash. It's been weeks since I've held a cash position overnight. Good luck everyone!

Anonymous said...

Just don't know if it is time to short ... big boys are saying we could rally from here - Biggs and Dr Doom for example.

Market Owl said...

I don't think we'll get above 1110. Market suffered much more technical damage than in February, throw out the playbook for previous dips. This one will last longer.

Anonymous said...

i wouldn't short here. remember late february you shorted from 1120