Monday, January 12, 2009
Afternoon Update
So far today the e-minis have dropped as low as 862.00, a little below the lower boundary of my 865-75 target zone. Volume has been dropping as the market has moved lower. This makes me confident that the December 22 low at 852.75 will hold. However, any weakness below the 850 level will mean that the market is probably headed for 750 again. In the meantime I think tomorrow will be a bullish day and that a move up to 975 or so will be the next significant development.
Subscribe to:
Post Comments (Atom)
2 comments:
Hi Carl,
I agree with you here. I covered my short and went long at 866.00. My model has a floor beneath prices at 860.00 which I thought would break today, but didn't. In fact, a close below 860.00 tomorrow would give me another sell signal. In the meantime, my model is also saying a rally is coming. At this point I have no way of knowing if this rally would last for a few hours, days, or whatever.
Thanks.
Kindest regards,
PM
Get ready for the banking bloodbath compliments of Larry Summers!!
Post a Comment