The only way I can describe this market is spastic. The market jumps or dives based on economic data or just because everyone else is buying/selling. It is a fragile market.
This is no time to be an aggressive buyer. I was surprised by yesterday's weakness, but it fits in with my overall belief that we have to test the lower depths before we can have a sustainable uptrend. I don't believe in this endless trading range that many traders have gotten used to by now. Just hoping we can get enough of a rally in the next week or so in order to get a good short entry before things collapse.
Tuesday, August 31, 2010
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