Wednesday, May 19, 2010
the last 15 minutes
Internals are bullish with TRIN at 47 and dropping. ADD still negative but off its lows considerably and the tick positive. Snp was down almost 20 and now its only down 3.42. dow's loss was more than cut in half. I was going to pick up the IMAX at a better price than 19.10 but got greedy and kept lowering my limit order until it bounced and left me behind. On the other hand, the 60 min IMAX charts look bearish to me and I think this is just a 50/20 bounce, whereas it will then continue its downward slide. I have a limit order in at 18.60 right at support but frankly my gut says it will go down to 17.50 - 18 which I should ignore since more often than not my intuition stinks.. thats why I use a system with rules. market turning lower a bit now with 10 minutes to go.
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