Since my blog has become messed up,
Let me recap... It's very possible that we catch a short covering rally today.... Maybe up to 1440
But..... This is what I want to think will happen.... and I'm puting my ass on the line, I think that yesterday was the Rally, We got 20 pts of rally in the S&P.... and that is a Legit Rally.
Also, With weak volume last week, the number of shorts is limited, and the weak holders may have been shaken out yesterday.
Though the IWM(Russel 2000) is segnificant leadership, and showed a higher low, no indicators showed a Higher high....
My call is We break down segnificantly below the 1400 level, maybe 1370-80 and confirm the breakdown..... Then is subsequent days we rally back to 1420-1400, then move back down to 1330.
This is a hell of a call... More liky is a short covering rally.
I'll be looking for the iwm to lead us down, or the S&P tomove up to 1428, IWM 73, 12900 on the Dow.
we did have a 20 pt rally in the S&P and a 150 point rally in the dow...... I just think that could be our rally.
Tuesday, January 8, 2008
Recap
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2 comments:
Yesterday was a choppy market, there is no any catalyst for today market and i guess this all depends on the pending home sales index which due on 10 today
Morning Melissa,
Choppyness can show a turn, I think it's going to be a bit of a fight to get through 1400.(but this could be the 4th attempt in 4 months
Short covering is possible.
I'll hold some capital for shorting the rally at the end of the day. But if we can get the IWM to 71.3.. I'd say we are moving lower... But the futures arn't co-operating... But I also doubt many people will cover a short, besides the day traders.
Thanks for coming by.
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