Wednesday, June 8, 2011
Intraday Bottom
We should fill the gap early in the trading session, make a whoosh lower to the 1275 support zone midday, and then close strong to finish either unchanged or slightly higher. That is the highest probability scenario. The next most likely scenario is a drip lower to finish near the lows, around 1270-1275. Either way, I see good risk reward in buying the dip intraday today and selling out around 1290-1295.
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2 comments:
Looks like I nailed it (again)
Anonymous Anonymous said...
Not expecting much of a bounce next week.
I think the week after next, we stand to get a much bigger bounce up. It might even last a week or 2. Then lower the final week of June and into July.
Another good earnings season will rally the market in the 3rd-4th weeks of July. Plus the debt ceiling will be raised by then.
6/03/2011 09:51:00 PM
Ps u never said if you traded the joyg I gave u?
No I didn't trade JOYG. I do appreciate the tip though.
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