Tomorrow is a tough call to make. On one hand, the market did retrace back up as I expected… but it did it on horrible jobs numbers and with a strong push up. It wasn’t a weak move by any means. As strong as that move was it could continue up tomorrow as Friday’s always have light volume… which means an up market.
On the other hand, the 110.34 spy level is still holding back the market. The rally up today hit the lower point of the gap fill at 109.68, and then fell back. We could hit 110.34 (about 1108 spx) tomorrow and stall there again. If volume is really light then the market could push on through it. If that happen you will also have a big up day on Monday too, as that level is a huge resistance point.
So, my plan for tomorrow is to look for the fall down in the morning. If it doesn’t happen then I’m closing out my short position, as anything can happpen over the weekend. Since I went short around 1092 Wednesday I’ll be getting out about break even.
Everything says the market should fall, but it’s not run by logic… it’s run my crooks! Keep that in mind when going short. I’ll go short again when the time seems right again. But for now, I’m really expecting another up day tomorrow, as it should have fell with the bad jobs numbers. There isn’t much left to cause a down move tomorrow.
Maybe a nuclear bomb going off in New York or something… but I think the market would view it as positive and rally. That’s a few million less people on un-employment! Duh! Nothing makes any sense in this rigged game.
Red
No related posts.
Loading ...
Pingback: Hassan
Pingback: brief history of tap dance
Pingback: Carpal Tunnel Spot
Pingback: site