Opening Gap # 2 from 10/22 all but filled now in the 950s (ES Dec '08). (Filled for all intents and purposes.)
That's 2 of 6 filled, and COULD spell the exhaustion of the short-term reversal/upside leg. That brings closure to the initial rally "phrase" in my view.
Next, in my view, is either a rally to close the 10/22 opening gap at 990 and then perhaps up to 1000 and the 10/15 opening gap, or else a drop back to test the 900 area.
4 comments:
this market makes me nervous....huge up day yesterday...zero follow thru. i wonder if a sell off is in the wings once the rate cut becomes offical.
Hi Carl,
The FOMC is going to announce their interest rate policy in a couple of hours. Don't you get a little nervous trading through that volatilty?
Is this going to be a case of "buy the news and sell the fact"?
Thanks,
Carlos
Opening Gap # 2 from 10/22 all but filled now in the 950s (ES Dec '08). (Filled for all intents and purposes.)
That's 2 of 6 filled, and COULD spell the exhaustion of the short-term reversal/upside leg. That brings closure to the initial rally "phrase" in my view.
Next, in my view, is either a rally to close the 10/22 opening gap at 990 and then perhaps up to 1000 and the 10/15 opening gap, or else a drop back to test the 900 area.
Carl:
if you are wrong, what is your stop loss?
Rick B
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