Tuesday, May 12, 2009

A marginal new high coming?

Well, we got a little follow through at the open, but the bears are out of shape and couldn't hold the price down. The bulls came in the afternoon and took the market back. Until we get some meaningful follow through it is hard to believe a top is in place. We did, however, break the channel for awhile. At least that means the bulls are not in total control. With option expiration on Friday and the 200 daily MA overhead, I'm still looking for a slight push higher before I think wave A will be finally over. A daily close below today's low, however, should be enough to put the bears in control.


  1. Sorry but wrong again.
    It seems you want to trade what you believe instead of trading what you can see.
    Breaking down was way more to favour instead of going back.
    But no offense, nobody calls it right all the time but you seem a bit too "needy" ATM

  2. Swing, hey I don't mind getting some wrong, but let's at least be honest. First, I never said I was long; instead, I was only looking for opportunities to add to my shorts. Second, I qualified my opinion with a close below yesterday's low. When the market opened below the low, do you think I was getting long? Sorry, but no. Now that we are beginning to break down, now I'll look to add to my shorts on a potential retest of the highs later this week or early next week.