I am inclined to think the Egytians are settling down again sipping their camel coffee (Starbucks, of course)...so oil is continuing to take a dump...and we have an 'orderly' modern day uprising...the 'Brotherhood" is contained... Would not want to be long over the weekened anyway...just in case Obama says something... NiN
this 4 hour chart shows that we should see a push down. a push to new highs followed by a candle that engulfs it while i an uptrend, more often than not, spells weekness. Very very basic pattern.
Normally when we see this many tails, and the market hasn't pushed up yet, this isn't a good sign for bulls. If the market manages to pull through here and make new highs, its just another sign that the market is on crack.
Stopped out @ 1304. I certainly hope it was not at a new swing high. The negative TICK readings (or lack of high readings) does not invite confidence for a long on my part. Only 3 sectors in the green at the moment. The close above and acceptance of 1303 is however encouraging for the bulls.
Fighting the dragon, I see. By the way anyone uses Williams %R to enter with the trend? For those who missed my post around 11 am, there was a nice long signal at 12:10 on the pullback....
just betting on the longs lightening up for the weekend pek,tape wise it 's 50/50,shouldn't have a position
thats if you were able to correctly identify it as a pullback. I was thinking it was a pullback before more of a move down. I was incorrect, but I didnt trade it, so its all good.