The pattern since the March lows has been for the market to get overbought after rallying, pullback for 2 to 3 days, with most of the losses occurring during the first 2 days of the pullback, and then launching higher again. The chart below shows the pattern, look closely at the pullbacks, the biggest losses usually occurred on day 2 of the pullback, which would be Friday. The pattern suggest to get short around the open on Friday and wait for weakness later in the day or on Monday.
Friday, November 20, 2009
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