Friday, May 21, 2010
That Was the Bottom But...
We will likely retest at least 1060 during the day. If it wasn't Friday, I would think differently but there will be risk reduction continuing throughout the day and those underwater will use this rally to get liquid. I think we'll have a whopper of a snapback rally on Monday but for today, the upside will be contained. I would not chase longs here, wait for 1055 to 1060 zone to be retested.
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5 comments:
What's your target to exit long? I say between 1125 to 1140. It was funny how extremely bearish everyone got. Even the people who were the biggest bulls expected the market to go much lower. Greed on the way up and greed on the way down.
The DAX has a long tail and finished way above the 200 day SMA.
I guess if you didn't cover your short at the open, you're not having a good morning.
Ridiculous all these idiots popping out of the woodwork and saying the market is going to crash another 20% when it's already down 10% in a straight line. Greed and excess. No such thing as moderation and temperedness
1115 for the target on the long. There is a lot of resistance above 1115 to 1140.
If you can hold till 1115 that's a lot of money.
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