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, February 13, 2009

Look at that big bearish move.

I guess it's just for edification. Right we were "Range bound" today... so we are looking for "Tells"
Well the sell off was "marginal" volume wise at 10:30. But the "Buy up" at 12:30 was very weak on volume, and hinted Bear Flag. After that the volume at 1pm picked up.

the market made a slightly lower high. Then ... I didn't post it, but there was a 50% retracement. I felt that if that retrace went further than the 50%, it was bearish. Then we sold off, and our pattern turned Pennant.... But if you notice it started to hint at a "Descending triangle"...

Then finally at the bell it looks like it broke down.

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