I think you could find an equal number of traders that would make a case for being bullish or bearish. We sit right in the middle of the trading range we have been in for months with prices tightening tighter and tighter (less distance from the highs and lows, staying closer to the middle). heck […]
well, my test position did quite well today, but I sold it mid day. In hindsight … probably would have held it until the end of the day or longer. Today’s strength put us back in the game … surprising most market participants which is why the move was so ferocious … shorts got squeeze […]
most everything in the market looks bearish still as it has for the past week or so. We are getting close to a situation where we should see a bounce, but I think it is still a day or two off. I actually purchased a small long position today, but I think it is too […]
I definitely see healing going on as the markets flatten and seem to be consolidating. It seems that the markets have accepted the fair value and prices are sitting relatively flat. I will say that this morning’s rally attempt got shot down hard, but looking over the last 3 days we seem to be holding […]
going to keep this one very short today. Although intraday I was seeing strength … my end of day analysis confirms that we are not only in a downtrend, but that we have more downside to go before we are done. Although I was hoping we would bounce sooner, it is looking now like we […]
I haven’t posted in a few days and wanted to provide a quick update … my lack of posting is simply because my view hasn’t changed. Today finally showed what I have been seeing (and discussing here) for the past few weeks. There is a bearish underlying hue in the market and today it finally […]
well, we got the pullback I had been expecting and waiting for with the markets down between 2% – 3% today. As you probably saw from my previous posts, I was surprised it had not come 2-3 days ago. The markets continue to teach me patience, although it is so hard to have at times. […]
This centerline is again amazing me (use the 5 min Russell 2000 image below to see this). Today the market tanked down over 2% and then paused for about an hour right over the centerline (green zone in the image below), But what was support, quickly became resistance as … in a flash prices rocketed […]
If you saw in my previous intraday comment, I watched as price fell to the centerline and bounced aggressively from there. Unfortunately I did not act on the reaction and spent the rest of the day watching price rocket up. In fact, from this bottom to the close … the Russell 2000 gained 2.6%, even […]
Amazing that the centerline that I wrote about many times over the past month has once again been respected. Notice on the right side in the IWM 15 minute chart below, how today’s price dropped over almost 3% from yesterday’s high ($75.29) to a low of $73.13 today, and then aggressively bounced from there almost1.5% […]