We are seeing some buying panic this morning. This buying rampage looks like a classic 2009 buying spree, but the technicals are worse than back then. Can we repeat 2009 and act like nothing happened over the 3 weeks? I doubt it, so I am holding my short.
There is resistance at 1100 on ES, which held in premarket. The buying in Europe is especially strong, which tells me that traders are no longer worried about European sovereign debt issues.
Subscribe to:
Post Comments (Atom)
Posts
10 comments:
Again, looking at the charts...there is a clear head and shoulders pattern. We might get a 1 day pullback, but this market is going higher. Maybe new year highs. Be careful with your shorts people.
Filled CBPO @ 7.61 Long
Ol Dawg
Maybe we top out today..
Anon,
From what i have read a head and shoulders pattern is a bearish signal.
I don't trade patterns but do acknowledge them. For example today we made a new high with less macd power.
Bearish
Yeah the longer the market can't break the 1100, the more shoulder we get with that head.
Dandruff protection now with aloe for dry and itchy scalps.
I have kind of a bad feeling about being short here. It shouldn't be positive today yet it is, despite the weak euro.
I feel alright
There is a huge amount of complancy out there.
Just look at the vix
Sold last 1/3 JTX @ 2.65
Owl, suppose we continue to move sideways for the rest of the day, and finish near resistance.
What does that mean for the market ?
Does it mean tomorrow has a better chance for the bears ?
Thanks
Post a Comment