Friday, May 28, 2010

Squeeze Into the Close

The weak hands have sold, there should be minimal selling going into the close.  With the lack of liquidity, I think they could ram it up as high as 1100 in the next hour.

3 comments:

Petsamo said...

That end of day sell off was uncalled for.

IC said...

You are an experienced trader, much better than I am. When you are wrong like that what does that say about the market, that the machines anticipated what the strong traders would think and sold into them buying and then forced them to cover before close or that the market is even weaker than you thought?

Market Owl said...

It was end of month position squaring. But the fact that the market collapsed like a house of cards in the face of that shows its weakness. I have no idea what these bulls are thinking when they are coming out with 1130-1150 price targets. Not before we see 1020.