The main indexes have seen a considerable multi-hour bounce, but it does nothing to change momentum on the daily charts. The closing hour is a tough one to call, but who wants to hold long into tomorrow, with Asia opening later this evening?
Looks pretty good overall. I suppose the maniacs might manage a spike in the closing hour, but there is awful lot of resistance from 1655/60.
*I am now heavy short the indexes, via IWM. Seeking an exit around sp'1630/25, by the Friday close. If Mr Market gets upset though, those declines could be double..to 1600/1590.
As they say...no risk no gain.
I for one...prefer the edge.
3.01pm..a close <1645 would be a real bonus..and break what is arguably just a large 4-5 hour bear flag.
Regardless, with no QE (of significance) tomorrow...I feel pretty comfortable with holding short overnight. Will be an interesting Friday.
3.15pm..back to sp'1654/55...hmm. I guess 1660 still possible, but if I'm 5pts out on the top...I can live with that.
Daily charts look good..at least in terms of the channel break, and general momentum...
1600 this cycle?
3.25pm... NYSE under attack..by Thunderstorm...ohh the humanity!
sp'1650....bears should seek a close <1645..that'd really help!
3.40pm ..sp'1650...hmm, just another few pts lower would be kinda nice.
back at the close.