Discussion in 'Trading' started by krazykarl, Aug 17, 2006.
1299.91 - I can almost taste the compounding leverage and short covering about to take place between 1300 and 1310....
edit: the market pushing higher mid-day is kinda bullish, eh? (1299.99)
i hope it works out as you anticipate.
it's setting up to be a juicy short by early next week.
i would like to see a quick parabolic pop then a knee-jerk reaction, but we shall see in due time...
i don't think there will be a big drawdown for the indicies for one reason: we were so oversold for so long.
this is a second bull leg starting - overall we have seen higher lows over the past 9 months.
i'm not necessarily referring to a "big drawdown", rather a very quick swing downwards that presents itself with a sensible stopping location and a good R/R profile.
i'm hoping that the shorts keep trying to catch the top, cause once the weak hands are out, there is a greater liklihood of a "pop n drop" when the profit taking ensues and the shorts come back in...of course this is one of many possibilities, but the one that i am anticipating the most at this time.
this is my tentative gameplan at least (1 of them). nothing actionable as of yet, but i have no intent of rushing in there and trying to fight this right now.