Thursday, April 30, 2009
Why I sold
I think the odds have shifted to favor what I called plan B in my last post. Why? the market held the higher of the two support lines, then made a slight new high for the day, then fell all the way back down to that higher support. It is now past 11:30 am, and on most bullish days the buyers would have pushed the market substantially higher than the open by now. Since this hasn't happened I have to conclude that the sellers are about to have their innings. If so I think we shall see a break down into the 872-75 range before a rally to 890-900 can develop.
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2 comments:
Very nice again Carl. FWIW, statistical research for Thursday's shows a rather strong high for the day coming in around 1:00 to 2:00 and then weakness into the close.
Thanks for your fine work.
Ron
excellent management. another trade on the plus side in a difficult market. Thanks for your insight.
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