Wednesday, June 6, 2012
Exquisite Short Opportunity
If we can get between 1302-1306 in the RTH, that would set up a wonderful opportunity to short this weak market at a premium price. I expect any rallies that happen in the first half of the day to fade in the second half. If we selloff right from the open, I will just watch and wait for a short opp. near the close. Still expecting a very weak Thursday and Friday to set up a test of 1255-1260 on Friday.
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6 comments:
MO that is some call.
This is 'yes we can' era. I believe this breakout is for real and we will not test lows for some time.
another 'so so' call MO.
MO, I think everyone is now expecting to fade the rallies. We got conditioned the past few weeks. So I'm thinking a short slaughter is on way. Hope I'm wrong.
MO we are above 1310. Do you still believe this is a shorting opportunity. Why do you not think that the bottom was in at 1260ish?
A shorting opportunity. Today is where the eager beavers/weak shorts buy/cover. Nothing is 100%. If I am wrong, this goes to 1320. If I am right, this goes back down to 1275 minimum. Better than 2 to 1 risk reward from these levels.
The game is about probabilities, not about chasing moves.
hey OM, i always enjoy your blog. here what i think of the current market condition. since the dollar is pulling back, i think the market will be up for a week or two before retest low.
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