What is the matter with you guys? Just back from the holidays?
EOD Updates: No reason to short anything yet, it is just one of those whipsaw day. Tuesday should be an interesting day, if we don't go higher..it all means that trading will continue to be range bound.
Thus far rallies have lasted at least 4 days, so there could still be some rallying on Monday. If not then it is a correction day.
If we rally tomorrow...then the charts are pointing to a possible top or reversal on Tuesday. This should correct any overbought condition on the charts. I am looking for a possible retracement of between 38.2% to 50% for this rally to stay alive.
In addition SPY and RUT charts also pointing to another turning point between 09/01/2008 and 12/01/2008. What that is all depends on how overbought and oversold the markets are by Thursday.
My strategy shall remain the same....day trading only.
My watchlist:
GS, OIH, XOM, CVX, IWM
blog comments powered by Disqus