Tuesday, May 22, 2012
A Good Short Spot
The market finally bounced yesterday and had a strong finish for the first time in several days. Usually when you have a long string of weak days and then a sharp rally, it is a good shorting opportunity. I believe that to be the case this time, with the market sending off some serious bearish signals. There is an EU summit meeting on Wednesday. I wouldn't hold my breath that the Europeans will get something done to save the market. They have a track record of acting only when the markets are panicking.
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4 comments:
and where would be SL? I would not short here..
The higher we go, the more we'll fall. Lot of short covering going on today, can tell by outperformance in heavily shorted sectors like banks.
Nice call MO..big sell off at end of day..I'm sensing a gap down tomorrow.
Looks like at least a retest of 1290 is in order. But I expect it to break 1290 and make a lower low.
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