Wednesday, January 07, 2009

Late Update

I thought the market was being supported by strong buyers earlier today, but after trading sideways for four hours the e-minis broke to new daily lows and dropped as far as 898.75. I think this reaction will probably reach 875 over the next day or two. If so I think that the 912 level will now be resistance above the market.

4 comments:

Anonymous said...

Hi Carl:

Please post this for your readers,

http://www.theonion.com/content/news/recession_plagued_nation_demands

Thx,

Rick B.

Anonymous said...

the market will blast through 912 easily tomorrow. like hot knife through butter.

carlos

Anonymous said...

Carl,
I am long 3Xinverse ETFs as of yesterday.
-win

PM said...

Hi Carl,

A close today below 894.50 is a confirmed sell signal. I took a short position at 896.00 just a moment ago.

Thanks.

Kindest regards,

PM