Wednesday, February 2, 2011
Pre-Crisis Levels
We have been trading at pre-fall 2008 crisis levels for the past month. The range in July to August 2008 was between 1200 and 1310. So this 1310 level will be hard to crack on the first attempt. The market has a memory. The only downside to being short is that the bad news is already out of the bag, in terms of Egypt. I would prefer to have a short without any Middle East jitters. Don't know about the gap, but expecting intraday weakness tomorrow.
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1 comment:
Short term appears bearish set up given yesterday's strong move and today's small move and open and close that are pretty much the same, I think you will get out of your short OK, also $ was strong in afternoon and gold firmed.
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