Thursday, October 14, 2010
One More Down Day
Options expiration is having a negative effect on the market and I expect one more weak day and then we'll be back off to the races towards 1180 starting on Monday. In this type of power up trend, selling anything but tops is dangerous. I don't dare chase a short entry in this type of market. Any downside tomorrow should be contained at ES 1161 or in the worst case, 1157. This market is not ready for a big down day just yet.
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1 comment:
Spoke too soon. ES is already 1175.75 AH. Obviously, the trend is up, trying to get a good swing long entry very difficult. Buy every 8 point dip. Who swing trades like that?
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