As I write, the DOW is up over 200 points and the S&P is over 905.
One could argue what a wonderful shorting opp today is. After all, where did this rally come from? On the other hand, the bulls are saying, "Hey fellas, we have held 880 and the government is saying that the worst is over!"
Here is my stance:
The primary trend is still down (we are still in a bear market). Resistance and support are both being hit on a daily basis. Keep your eye on the dollar as it hovers around support. If it holds, equities will fall. If it doesn't hold, I think we are in for a monster rally over the coming weeks.
Stay nimble.
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Thanks for the posts on Zee's site. Looking at FXP with you. If you don't mind let me know of any trade your about to enter. Again, I'm at work, but at times I get to "take-a-peek" at the market and what you guys are doing. You and Zee help me allot ... I truly appreciate your posts.
ReplyDeleteYou can say that again
DeleteThanks Nergo...glad to see someone still looks at this site.
ReplyDeleteMarkets have lost their mind along with the public. Not much direction. Going short here at the open for a daytrade with a stop just above yesterdays highs in the S&P. Premkt volume is much weaker than usual.
ReplyDeleteNot quite sure how to handle BAC. A ton of cash will be made in coming days whichever side is right there. I think the longs have it.