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.
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
Friday, February 13, 2009
Look at that big bearish move.
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