Nice Sell off.... Kind of scary in fact.
Market ends when you won't let them go. and that wasn't today.... I say day traders just couldn't hold them.
I would suggest that the top is lower than 900spx
many days from now till end of the month.
There does seem to be some kind of Pivot setting up at the 840 level... I'm not saying a top but... seems like in my minds eye there is a swing high there.
but not to be a broken record but ascending triangle on the recent highs..... tested twice 3rd time is the charm.
as I noted with Paul kedrosky, and upside trader... we are getting more nervous bulls.... I guess that is what you get in a wall of worry. not that paul is a bull.... just nervous.
Tuesday, March 24, 2009
Mojo Recap on the day
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Brought it right down to that 804 level pretty much. It seems like that is healthy pullback from yesterday, just weird that it held up all day until the last 45 minutes.
Daytraders taking profits? Doesn't make intuitive sense. Seems more like short-sellers establishing positions... which, in my (remedial) mind is a more bullish indicator because as you pointed out, they are getting skiddish and not likely to be as committed. One guy last onth was going on about all the SKF in his kid's college fund-- I just don't think we'll be hearing much about stuff like that in the coming weeks.
I'm just blasting out mental diarrhea and not really sure if it makes sense.
have you seen the FAZ...
it is down like 80%... it could be a penny stock soon.
my thesis was that based on yesterday's action... and what today looked like.... a ton of day traders could have been long looking for a rocket ride at the close.... Then they set stops and went golfing.
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