Tuesday, September 27, 2011

Beginning of a Correction or Sell Off?

The market met the TA today as I had been expecting and it sold off in the last hour due to bad news, closing under the TA and setting itself up for a bearish reversal. Throughout much of the day I thought the market was going for the 50 day ma but this is a volatile market and anything can happen. Fortunately, I sold my long position at 1182 and went short at 1175 (missed the TA break due to a nap) and using the TA as a stop. I am not sure if the next bearish wave will be just a correction or another sell off that will test the lows but the trend is currently down so I will go with it.. actually, it'd be great if we test the 1101 so I can cover and go long on margin again.

No comments:

Post a Comment