Thursday, July 9, 2009

Day Trade: Shorted

Went short here as described in the comments. A nice looking descending triangle and no follow through from the reversal off the 869 low yesterday.

Market looking extremely weak here. I expect at least a retest of yesterdays low now. Possibly a break to go another 5 points lower.

13 comments:

  1. Not looking like a sell off is coming at least here. May cut my losses as we should not be retesting the upper ranges a third time.

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  2. BB widh is narrowing. we should see at least a test of low or more today. It may be a good time to go long at the close

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  3. Volume seems to be dropping off...?

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  4. you mean non-existent? lol

    just some computers trading the same shares back and forth ....

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  5. it is not even holiday and friday. this is crazy. something major brewing. fake up and then crash or vice-versa.

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  6. yeah its quite odd. And as I type I see some signs of life return finally.

    890 here we come ....

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  7. I see rising wedge and neg. divg. for momentum. should see a move downward soon

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  8. just remember. We have a lack of sellers at the moment. What that means is that we will have a slow grind higher that 99% of the time always shows a bearish divergence.

    Remember the move from 890 to 930. It started divergence at 900 but kept on going another 30 points nice and slow.

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  9. still stuck on VWAP .... needs some sellers here or we go higher ... again lol

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  10. Is this what you call a spinner day?

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  11. yeap another spinner ...

    good for bears, bad for bulls, especially after having broken 880. We should have gone up without ever looking back for the bulls to make a stand here ... instead sectors are selling off ... take a look at IYR ... not good.

    XLF not able to make a new high ... overall not looking good for bulls ... and not looking good for bears either because none of the bears are invested.

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  12. haha...just can't win can ya! Thanks Chris. Appreciate you feedback and your blog! Lived to trade another day.

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