Discussion in 'Trading' started by Digs, Jul 10, 2008.
This market is strange, is this oversold trading. Or is it the PPT pushing up the close again ?
The selling has been overdone. Short sellers are now getting too overconfident and will be forced to cover in the coming days.
I have my bias. We should have been down 10% today.
It makes no sense that so many major pillars on the economy where slaughtered yet we closed up.
Just shorts covering and the Dow Chemicals offer.
GE is going to be the real news tomorrow.
Definitely a very bullish day today. Lots of bad news [oil et al] and the markets closed up.
The price action looked a more disconnected from news than usual today. The emperors new clothes come to mind.
If I wasn't already short I would be on the sidelines.
If you ignore the news it looks from the price action [momentum] that a big dump is due, it looks like it tried to dump a couple of times today.
The job of the PPT isn't to stop the markets from going down but to stop them from going down too much in one session.
They are making shorts learn patience..
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