Actually this minor bounce from yesterdays bloodbath is not good at all. Really...we were down 415 yesterday and today we are up 75....not much of a bounce. The time to buy will when we have another washout....most likely within the next 2 weeks. A lot of fund managers are gonna use any more of a bounce to unload into. Try the short side my friend.
If you were in a theater engulfed in flames, would you yell, "Don't worry! There's a water fountain in the lobby!" I get the feeling that you would.
Whatever happened to that dude myminitrading ? Mr. Superbull himself. Don't see him on here. I miss his commentary. Must have gotten cleaned out yesterday. He reminds me of this stocktrader guy.
Incredibly boring market today.. Im really bearish and even I was suprised at the lack of bottom fishing going on..
Seems to me a bearish indicator. Perhaps we'll see another modest move to the upside tomorrow, followed by a major sell-off on Friday. Who knows, though. Still, lots of scalping opportunities today for shorts. I took 0.35 off NDAQ and 0.17 off TRAD. My longer-term short in SNDK remains strong. Now I need to be careful for the next couple days, so as not to be labeled a PDT by Scottrade.
El Prade, you nailed it. Lots of trapped longs feeling like rats in a cage. They will use any bounce to exit. If they were to approach a lower low they will panic. This is not over yet, not by a longshot.