This market is cooked. We are heading to 1050, and its just a matter of when, not if. I got shaken out yesterday and feeling sick looking at the lost opportunity. We are shaping up for a trend down day and no one will want to be long overnight with European canaries floating around.
It is definite now that we are at least going to make new lows on this downleg with today's action, so it is important to find a point to get short. Obviously it was at the open, but the risk reward is going down on a short as we go lower today.
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2 comments:
Absent the news from Europe would we still be lower today? Was there any way to know that?
Yeah, its hard to tell when news like this catches on. But we did have 2 up days and stalled out the next day. So we were vulnerable to another sell wave.
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