Right after it could not surpass 623 pivot, short was in order and a contination of yesterday's sell off until it hit S1 614 and below. If you followed the numbers and the plan, you would not get slaughtered by the AMBAC bail out news by the close. If you are day trading, the important times are 10 am and 2 pm. whereby market normally turns. Ya, it was massive short coverings. Today, as anticipated, it fell out of the symmetric triangle signaled by the double WR7 but what happened at the close distorted it and now it is back inside the triangle. However, it has not changed the sentiment one iota. Next week there will be a flurry of economic data such as PPI, Housing, Consumer sentiment etc and all can be assumed to be bad. Except of course, the truth of the Ambac bail out news. If anything else, it will provide a higher ground to short from, there is unfinished business on the down side. Monday's numbers are 628, 620 and 615.
Have a good weekend.
2c
Subscribe to:
Post Comments (Atom)
1 comment:
I am still short but the bulls already seem confirmed that this was the reversal and it's upwards from here on. Next week could be brutal if economic numbers are bad but it is also month end when nothing matters.
Post a Comment