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

"Sell down to your sleeping point"

Friday, December 19, 2008

Some hedging

I was looking at the charts and saw what tony sees...

I'd draw some charts but it's friday, and I'm so sick of this...

The market has set up for a decisive move.

also some of the moves at the end made me more neutral...

What a pummeling market, almost every move has had a "Mean reversion to it".

Let me say this is just like I felt neutral before the market broke down yesterday...

I figured if we hit that trend-line we would break down to that 850 level. Only it set up like a bear trap... but also like it should do where the market plays with the trend line...

I'm going to maintain my Bearish bias, But I just have to say that there at the close, I saw some things that make me more neutral... or say that things could very well go both ways.

Let me also add that Friday expiration day is also one of my, pivot days. So regardless of the downtrend over the week, it can easily be a pivot day either way.....

and that end of the day action could easily be a nice little bear trap.

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