Subscribe Now

Tuesday, February 23, 2010

Soylent Red

Today's large downside move seems to be the next down move as said on last post. At the time, there were 2 cases made, one for an immediate decline from the 1070'ish levels, or a bounce up to 1110'ish and then a fall.

At the time it made a perfect sense to consider the immediate decline, since the possibility was big for it to happen. I ended up wrong, since that was my principal count, but soon the market gave indication that the alternative count was the one to follow. I got stopped out and since I don't play against the trend it was time to wait for the inflection point to be hit, in this case 1104 which is where I'm short from.

This, if indeed is the resume of the decline, will make leeway down to 993 pts on S&P more or less. Volatility should start increasing.

Confirmation of this scenario will come once we break 1070'ish. Now it's just a matter to sit back, relax and let the market do its' thing.
blog comments powered by Disqus

Live Economic Calendar Powered by the Forex Trading Portal
Disclaimer: The information provided on this website, while timely, colorful, and accurate, is not to be taken as financial, legal, tax, psychological or any type of advise. The purpose of this website is to track the progressions of human herd psychology as it is reflected through several financial markets. Any commentary on this page, however useful it may be, is used for illustration, and to inspire thought provoking discussion, and not to be taken as specific trade recommendations. We are not endorsing any site or service, nor are we promoting choice examples as real-life trades. If it sounds sarcastic, it probably is and if it offends you, just don't read it. There are tremendous inherent risks in attempting to trade any market using any vehicle, particularly if it is leverage. Please contact your broker to explain all risks involved in the vehicle you will be trading and any questions you may have.

Back to TOP