I am now expecting a move back to yesterday's high at 1245 and possibly higher than that tomorrow.
Thursday, September 11, 2008
Reversed Postion
I just covered my 1 unit short at 1230.25 and bought a second unit at the same price making me 1 unit long. Why? The market hit 1238.50 earlier, above yesterday's close and 8 points above my entry, not normal behavior for a weak market. Then the subsequent break was accompanied by low volume on the downside, with one very high volume burst to the upside.
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4 comments:
Good call! Going short is a bad idea! Market heading higher on Lehman bailout. The bailout announcement will be accompanied by 75 basis point rate cut!
Agree with the long bias at these levels so long as we hold above 1221-23 level basis SEP.
That was a quick move down to 1223. If we don't hold here then I think today's rally off lows will unravel. That being the case look for an afternoon test of 1209.
So far, so good. Based on the 2 major swings today I think we are heading for 1251-55 area for an afternoon high.
Of course, a move back below 1222 and it's all over for the intraday bulls.
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