Wednesday, August 10, 2011
Tricky Market
It is a very bearish market, but we are so oversold that I can feel a strong bounce that lasts for at least a week coming. But we are well off the lows so I don't think you can buy safely here. You have to wait for extreme intraday oversold levels where the market is plunging on a 1 minute timeframe and then you buy. Confusing matters is yesterday's big rally which got a lot of traders bullish and the market too high. It is probably safe to buy at ES 1090 to 1100 this week for a bounce next week.
Subscribe to:
Post Comments (Atom)
Posts
3 comments:
Agree. I would see how it tests the low into tomorrow if it's sticks by the close tomorrow, I would long too for a week. We enter strong seasonality next week
This 1977 all over again, look at the charts, look at Swiss Franc, look at Gold all the same, get long and short bonds
I love the way stocks, even with its volatility, is still a slave to the old rule that history repeats itself
Post a Comment