Friday, March 18, 2011

Market Not the Same

Since QE1, almost all big gap ups were met with further buying throughout the day, until these past 2 days.  We actually finished below the open yesterday, and today, we are fading another big gap up.  This is a change in character that shows that the market doesn't have the same upside energy as before.  We can still go higher and hit new highs for the year, but it makes those highs probable good shorting opportunities. 

2 comments:

Anonymous said...

Best to take your profit and cover your short. Market will likely fade at closing but look to gap open after the wk end

Market Owl said...

Not sure about the gap up, I actually think we'll likely gap down but I covered just because I'm not that bearish on the market even though we're likely going lower Monday.