Wednesday, October 19, 2011
No Man's Land
After giving back half of yesterday's gains, we are back to short term neutral. Over the rest of the week, it is hard to bet on either side. I remain on the sidelines waiting for the bulls to push us back towards 1225-1230 to short. If we dip down to 1180-1185, I would consider a short term long. The big whack down to 1150 will have to wait at least a couple of weeks. The longer we wait, the more energy we build for a bigger move lower. Market players are still nervous but getting more comfortable buying in this market. Most still are afraid to short after the 160 point face rip higher.
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3 comments:
ES already hit 1225 in the morning. Do you think we'll have another trip to high?
Yes, we should have repeated trips back to 1225. Get used to traders calling for 1250 every time we get there, only to see the market fail to break out. Also, look for traders calling for 1150 every time we dip back down to 1185.
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