Tuesday, July 6, 2010
U-G-L-Y
The intraday pattern is very bearish. I can only reinforce the fragile nature of this market. I don't like to buy fragile markets unless I see fear. I haven't seen the fear yet. Traders are still hoping for an oversold bounce to sell to the next sucker. We will likely finish near the day's lows today.
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1 comment:
The markets bounce 3% off of 10% straight down moves.
The 3% is charted as closing prices..
meaning, if we trade up 2-3% intraday but then close at the low or lower the gains are not charted.
We will close up over 100pts and add another 100 from those close OR the 3% bounce has not yet occurred.
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