Thursday, September 04, 2008
Yikes!
Well, that didn't take long. Just after I bought the e -minis at 1264 the market collapsed below 1260.50 on very high volume (no doubt many stops were taken out). I reversed my position at 1257.00 and am now short 1 unit. The 1250 level should be reached soon. This kind of activity makes me think that 1240 is a real possibility.
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3 comments:
Carl, if you believe a lot of stops were taken out on the drop, that indicates that the market was positioned to be very bullish. That is contrary to your contrary indicators, no??
-Narayana
from sept 2 to sept 16th 19th is supposed to be a down cycle in my work . from sept 20th into oct 8th
should be overall bullish .
going to be interesting how this
market moves going forward
the nasdaq 100 is testing support
i continue to stay bullish the dow and short the qqqq as a hedge
overall trend to be sidways for a while .
good luck carl
joe
Not a bull in sight now that 1260 was broken. Sometimes the crowd gets to be right, but if we needed a bear trap to go higher, this may be it.
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