My shorts are in a lousy position... I'm not worried but. Those that chased this last bit of the downtrend..... Well, they deserve some pain.
My standard trade theory "Chart Astrology" And Sentiment. Suggest that we could get a "Dip Buy", Past the Trend line... Problem is, as weak as the tape was, It's hard to see, and we could have moved through that cycle... Or we will get it at a lower level..... Sort of a Fake Retest.
If you don't' realize we have retraced almost 50% of the move. When I look at Wave counts, I get a pause here..... But.... the market is weak... It wants to look for that final give up... The one were we all give up... and the volatility dies
Financial history doesn't repeat itself, but it often rhymes. You can't be stupid enough to trade off anything I say.... I'm lucky they let me out of the straight-jacket long enough to trade.
J. P. Morgan
Tuesday, August 19, 2008
Technicals Vs. My Mojo
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