Wednesday, March 23, 2011
Pullback
After 3 straight big up days, all gains on gaps, we are finally having a gap down after yesterday showed signs of buyer exhaustion despite all the good news from the previous 3 days. Let us not forget that Brent crude is back at $115, which is a negative for the consumer. After last week's mini panic down to 1242, there will be some hesistancy to go straight up and we'll have to do some backing and filling. Looking for a trend down day. I expect strong support at 1270.
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2 comments:
What are your thoughts on this strong uptrend today? Do you still see a pullback to the 1270s?
No, we won't pull back to 1270 this month. The market showed its cards to today and it gave the finger to the bears. Think tomorrow is a gap down but it should be bought.
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