Friday, February 5, 2010

A week later... Friday again

Well the market has continued its downslide. Can't seem to catch a bid. however, its quite oversold at this point and could bounce off the 1060 Retracement level or go to the next one at 1034, which could be best. that one has a 100% probability of being it. Then a bounce to 1100ish, and then another nice dump-a-roonie. At that point i can load up on puts on the Q's and SDS, also TZA if I end up selling some off at 1034. I hate to take off much short since I dont have the puts in place as of yet. Bin Laden is threatening and ya never know when he could strike sending the market into a huge tumble unexpectedly. I wanna be short for that. I made that mistake at 911, and was long when my systems were telling me to be short so instead of making abundle, i lost a ton. lunch is over in nyc now.. so lets see if it rallies in the second half or sells off hard. I am getting some bullish divergences in the MacClellan Oscillator daily calling for a bounce, but some major confirmations of the down move in longer term weekly indicators.

No comments:

Post a Comment