Wednesday, May 5, 2010
Euro Capitulation
The holders of euro are totally capitulating today, and I see it as a long standing bottom. I don't know what that will do to the market, because the correlations are getting weaker, but I think we're near a bottom price wise, if not time wise. I am frankly surprised at how quickly traders have gotten bearish and are looking for more downside. Funny thing is, they are just looking for a few percent. Yet from their commentary, you would think the market has to get to 1000 before bottoming. I think its too late to take any short positions for more than just daytrades. The euro panic seems to be signaling that we are almost done with the selloff.
Subscribe to:
Post Comments (Atom)
4 comments:
are you serious market owl... give me a break you look for a short and have been bearish for weeks and we get a tiny pull back and your turning bullish wtf...
I'm telling it like I see it. I don't see much downside from here. We may go to 1150, but that will be the toughest 15 points you'll try to make facing definite risk of a 40 point up move.
The market might get a small bounce higher; then continue lower. Next resistance mark is 1136.
There's no logical reason for the sell off. Greece is old news. BP is done dropping. We're getting a bunch of good news and good earnings.
Post a Comment