Wednesday, December 7, 2011
Dip Coming Soon
I am not talking about a severe one, one that would have us test the 1210-1220 zone. The failure for any major positives from the EU summit could be the catalyst. Or it could just be that we need to have a litt give back after the big move last week. With the CNBC crowd feeling positive again, shorts mostly covered, I give us little chance to keep going higher without a pullback.
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5 comments:
This market is very engineered right now. Gotta trade like an engineer
Market is obviously irrational at the moment. That 3:15 eastern hard ramp because of rumored 600bln plan forthcoming then denied by the IMF 10 minutes later yet market ignores denial is proof positive it ain't going down without slaughtering more bears first.
Shorting tops is a sucker's game. Shorts should be used in sliding markets broken support like August and mid Nov. That's when people start predicting bottoms 1 week early
Sounds like the conventional wisdom to me. Which means it's probably wrong.
You are overthinking it. We've gone up 100 points in 8 days, Brian Kelly on CNBC is rip roaring bullish. Better watch out for a quick dip lower.
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