Well the markets gaped down and never looked back.
GS apparently was cashing out, paying back tarp and record bonuses has to be financed somehow, might as well let the investors pay.
My FAZ took off for the fences closing well above $5, with $6 just a short 10% away it looks like P3 is in full effect, but I would beware. I'm sure the Bulls would love for an overconfident Bear to assume this is a new trend and not one monster head fake. One thing I know for sure, don't trust the market. If you are 100% sure of a move, you are probably wrong.
SRS was a HUGE winner, and I took some profits, both in the late afternoon, and at EOD, it was just too juicy of a close to not take some profits.
SLV and UNG both sold off in response to a higher UUP, I see both of these as buying opportunities at these levels, but be aware there is still potential for more downside given the strength of the move, in percentage if not in volume.
That being said, there is also good potenial for a sympathy bounce around SPX 880, this could be a good spot to go long, but any upmove should be met with trepidation and not acted upon without secondary confirmation, as we may still be in what the Elliot Wave theorists call P2, or we may have entereted P3, both scenarios are valid now, and with no clear view of which part of the wave we are in, all positions should be taken with great caution, moves can be quick and unexpected at times like these.
cheers,
-=3db
No comments:
Post a Comment