Monday, November 1, 2010

Stuck on 1180

For almost everyday for the past 2 weeks, we have been closing between 1178 and 1182 at the cash close 4:00 PM.  This is despite intraday trading as low as 1168 and as high as 1192.  This is a lot of back and forth action going on ahead of a perceived "good news" event.  Usually if you are a bull, you'd like to see strength ahead of perceived good news, not choppy trading.  Anyway, I think we're headed lower off this back and forth trading but it probably will be a spike low that doesn't last very long.  That is how I am playing it.  So I'd like to get short, unfortunately, I think I missed my chance this morning waiting for higher prices in the afternoon.

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