Posted by junkmaylbox on 24th of Feb 2009 at 12:33 pm
rp, I concur with you. However, remember how the November 21
bounce started? We reached the measured target, a 2002 lows, etc.
Within a day the trend reversed. I am seeing a huge short covering
this morning. 740 is the measured target of the bounce, so profits
are being taken. They could break the November lows to scare off
the bulls -- and perhaps they will do that, indeed -- yet I
don't expect to break November lows on the first try. I am
positioned slightly bullishly now, and am going to start scaling at
780 in small amounts. Wave 3 of 5 lasted since SPX at 870, and it's
a good place to reverse a bit. For what it's worth.
Newsletter
Subscribe to our email list for regular free market updates
as well as a chance to get coupons!
rp, I concur with you.
Posted by junkmaylbox on 24th of Feb 2009 at 12:33 pm
rp, I concur with you. However, remember how the November 21 bounce started? We reached the measured target, a 2002 lows, etc. Within a day the trend reversed. I am seeing a huge short covering this morning. 740 is the measured target of the bounce, so profits are being taken. They could break the November lows to scare off the bulls -- and perhaps they will do that, indeed -- yet I don't expect to break November lows on the first try. I am positioned slightly bullishly now, and am going to start scaling at 780 in small amounts. Wave 3 of 5 lasted since SPX at 870, and it's a good place to reverse a bit. For what it's worth.