Wednesday, October 5, 2011
Either Way
Market is no longer oversold and not yet overbought. Probably range bound for the next three days between 1095 and 1135. Next week we should retest 1068 and then break it on down to 1036. I will not be shorting because it is getting late in the selloff and I see a lasting bottom coming up very soon. Now that China's slowdown is being priced in, the selloff is almost over.
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7 comments:
we are in the range now. Are we topping out or maybe another leg up since seems to be alot of buying pressure? May fall once rumours of more european bail outs turn out to be just that.
bear market rallies typically have stocks move up 8-12% in just 2 days. these have to be shorted. but everyone is scared to.. that is the whole definition of bear market. huge falls, huge squeezes but trending lower over time
bull markets trend upwards cos traders are not afraid to short. bear markets trend lowers cos traders are afraid to short
Tough call for the near term. Just let the market play out and wait for it to make its move. I think it will be lower but I am not willing to make that bet because we're not yet overbought.
From Tuesday's inter day low of 1074..we are now 8.4% straight up.
I wouldn't stand in front of a squeeze but it is looking like a nice set up for the short side here.
I'll start my position at the close today.
I would wait on shorts till after the nonfarm payrolls come out. I have a feeling we'll get that final squeeze of shorts on the number when it comes in better than expected.
Started my shorts.
Now I'm hearing some pundits talking about missing the year end rally!
Gez it's Oct 6.
We have a loooooooooooong way to go yet.
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