The emotion has been mostly sucked out of this market. The volatility is quite muted considering that the general view is sort of bearish. I agree that the market will eventually head lower but we will likely have further countrend action in the coming days. I am still leaning bullish, but less so than Monday. I am short term bullish, intermediate term bearish. Which is kind of tricky to play, so I am waiting for the right setups.
I am hoping for the market to get back up to 1350-1360 zone to put on shorts. Perhaps we can do that next week. Otherwise, I am looking to buy dips for short term quick trades for the next few days only. I will not go long after the first week of July. I think this market is set up to go back down again eventually.
Thursday, June 28, 2012
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