Friday, February 5, 2010

Volatile Range Day

I think we've bottomed, and its risky to stay on the short side.  I have been playing the long side on dips, and believe we will finish strong today.  Either side seems to lack conviction, but the bulls have the slight upper hand because they've been able to bounce back from an intraday dip.  We're in a bottoming process, but I think we need another bad down day to put in a firm bottom.  Ultimately, we should test ES 1038.

3 comments:

Petsamo said...

10% correction on SPX would bring it down to 1035. We'll probably go lower, though.

Anonymous said...

200 day moving average is at 1020, but for now we are gonna bounce.

Anonymous said...

OL DAWG POLL TIME :

MED.... UP OR DOWN?