Wednesday, July 14, 2010

Selloff Delayed

I have covered for a loss and will likely reshort at the close.

2 comments:

Tsachy Mishal said...

I know you like to look at Jim Cramer as a contrary indicator but the best contrary indicator on that site is Rev Shark. At every turn he harps on about how you shouldn't try to call the turn. What is he doing now? Shorting. When he covers his shorts and starts going on about not calling turns the time to go short will be here.

Market Owl said...

I agree, Rev Shark is not someone that I like to be on the same side of the trade on. But I think we're very close to the end of this first up thrust and I see a 30 point pullback coming at anytime here.

Once I put back on my short, I will not cover until we at least fill the gap from 1075, but probably will wait for 1060-1065.