2.00 p.m Quite drowsy on painkillers but nonetheless, we shorted SSRI, GDX this morning, the double top is the stop. Watching CNBC during the day is entertaining to say the least. I has been sometime now watching talking heads give their views.
6:20 P.M mild sell-off. In our brief scan AH, we don't see any clear bull setups in charts. IPSU the one we were watching (and the one which scottrade did not allow us to buy, for some strange reason) finally blasted out today. What this means is tomorrow's breadth is the key. With no apparent leaders anew, what will the bulls buy next? That being said, trash is now beginning to fall down back to earth. e.g. DRYS, CPSL etc. which had enjoyed > 100% gains are giving way.
Looking at CAT chart, could that be a small triangle in the 4th wave position? - it is definitely possible, meaning we may have another small thrust up, but it will also mean that would be the last and will fully retrace the move.
Nonetheless, this week promises to be interesting.
8:00 P.M Some possible triangle plays for a last thrust up - FMCN, AXYS, CAT, BQI (trash still going up)
1 comment:
Sorry to here about your should injury. Get well soon. Thanks for the update on your market predictions.
Hoping for an additional 6-8% pull back on S&P this week.
-- sastocks
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