Friday, September 24, 2010

Highs being retested..

I am watching this market carefully. Still have my short position.
I believe (so far) that this is only a retest, but I could change my mind..We'll see...

Above, end of day readings on Friday, the 24th, from Clickcharts...


Anonymous said...

hey Mark,

Been awhile, welcome to the upside down club!! 3:30pm yesterday, I emailed my cousin that I was getting the strongest sell signal since 8/30 on my 60 min intraday chart.

I commented quite awhile back that my 1 and 10 minute charts were getting confused... darn it, now I have to add the 60 minute chart to the list. LOL!!

So, overnight Thurs, the world goes gaga on U.S. equities, then surprise, surprise... durable goods comes in "bullish" and the world in one fell swoop adds another 10 points to the S&P. I don't know who swings this pig but I darn well do know "the world" has not made up its mind overnight that all is well.

Still, it's a bitch having to admit I don't know how to time a trade. On a positive note though, I've got comfort in knowing the market will revisit the levels I'm short at.

I never dreamed this market could get past 1117. I feel my error in judgement is directly related to failure to recognize the low overall market volume provided the opportunity and has allowed the dominant players, whoever they are, and with their leverage, to swing for the fence.


mlytle said...

Hi Anonymous,

One thing encouraging for shorts is over at Decision Point, a recent chart of weekly sentiment (courtesy of Mark Young) looks like it has at past major tops. I note that the Q's have exceeded their weekly Bollinger Bands by quite a bit, and the $SPX and $RUT are both tangled in my trendlines. I'm hoping Monday I'll be able to decide to stay in or take a small loss and leave..