CNBC says all the shorts are going to cover today...

Discussion in 'Trading' started by peilthetraveler, Feb 29, 2008.

  1. Does that mean that we should all go short today because CNBC is always wrong?
  2. Even a broken clock is right twice a day. I personally wouldn't trade off of anything I saw on CNBC but then again I don't watch it in the first place.
  3. jsmooth


    if people are covering, just short more against them....we'll see DOW 12,100. Look at a daily chart- textbook sell at the 50bar; 60 Min chart - range market with a double top at 12,750. First support/bottom of the range at 12,100

    Textbook Technical sell signals these past 1-2'll see pictures of those in technical analysis textbooks in a few years.

    On the flip side, if we can get a solid close above 12,750+ the bull will be back (for the medium term anyways).
  4. Mvic


    Aren't they supposed to wait until 3:45PM on a Friday to come out with the "news" that is supposed to save the market for the week? Wonder what it will be today?