Seems to me that the games are in full force as the fear of a further melt causes the downward spikes when price gets any kind of momentum in that direction. You can be sure that the larger traders recognize this and exacerbate it as well then cover for some quick points. That why we see the jagged trades we are seeing now.
Today the SPX held right at the key 1191 support area. This continues to promote the idea of a tradeable bounce and then some continuation downward. The NASDAQ and, in particular the chips, continued to get shellacked. This confirms the idea of what transpires in terms of a bounce suggests that it will probably be just a bounce. On the flip side, as I suggested in the last couple of posts, there are some thinner stocks getting some wacky moves going and that suggests that the hot traders continue to remain active and haven't given up on the idea of more money to be made on the long side with the thinly traded stocks. I saw GOOG get some attention in this arena as well when it broke topside of $300.
I was able to make a little hay today although it was indeed a challenge. Keep your senses about you this week as it's likely to be choppy and as trading things further that will only get worse.
Today the SPX held right at the key 1191 support area. This continues to promote the idea of a tradeable bounce and then some continuation downward. The NASDAQ and, in particular the chips, continued to get shellacked. This confirms the idea of what transpires in terms of a bounce suggests that it will probably be just a bounce. On the flip side, as I suggested in the last couple of posts, there are some thinner stocks getting some wacky moves going and that suggests that the hot traders continue to remain active and haven't given up on the idea of more money to be made on the long side with the thinly traded stocks. I saw GOOG get some attention in this arena as well when it broke topside of $300.
I was able to make a little hay today although it was indeed a challenge. Keep your senses about you this week as it's likely to be choppy and as trading things further that will only get worse.
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