Wednesday, September 28, 2011
quick update
The E-minis retraced more than half of the rally from the September 23 low at 1102 today. Worse, the daily range expanded on a down day. I now think that the rally from 1102 ended at a lower top yesterday at 1190. This is the second consecutive lower top, another bearish indication. The implication is that the market is headed below its August low which stands at 1071.50 in the December contract.
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4 comments:
Thanks Carl..I sold out of my long at a small loss (a small loss because it was a small position). This market is SUSPECT until proven otherwise and IMHO when going long, small positions are the rule of the day.
Carl -
I admire your flexible approach to the market. Not a perma bull or bear. This has been a tough couple of months.
I had a turn coming up for the 28th, so i also think there is more down side for now
futures up. What now?
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