The Indices Bounce Back
Stocks were up today across the board but when you consider how much the markets have sold off, today's rally was rather small. I also think a lot of today's buying was fueled by trapped shorts from yesterday's weak close and today's higher open.
In the above chart I marked off where I would like to see the NASDAQ rally to so that I can short this market. I'd like to see the market retrace at least one third of this down move and then I'll look at volume, reversal bars and stock action to initiate a short position. I'm looking for stocks to head lower over the next few weeks at the very least.
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3 comments:
Good idea. Should take another 2-3 days to get there and then get ready for next drop.
Thanks!
We got a pretty strong bounce today. Including myself, there seem to be plenty of bears out there just waiting to short again. As the other poster said, the next few days will give us a clue I think, as to the next leg of this move.
Are we there yet? One more day?
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