There are a lot of ugly reversals out there off of this mornings enthusiasm. When I listed the potential top targets this morning before the bell, I suggested new highs on the SPX that takes out stops and the 2240 area on the NASDAQ. Well, the SPX did it's thing and the NASDAQ got as high as 2236. Pretty close!
I still think the bulls who missed the party are going to give it another run here intraday and I'm will attempt to examine the strength of that rally back higher this morning (if it unfolds that way) and look to short it. I had not planned this strategy earlier this morning but I just take what unfolds and work with it. If the reversals hold today we could see a little downward acceleration into the close as a result.
I still think the bulls who missed the party are going to give it another run here intraday and I'm will attempt to examine the strength of that rally back higher this morning (if it unfolds that way) and look to short it. I had not planned this strategy earlier this morning but I just take what unfolds and work with it. If the reversals hold today we could see a little downward acceleration into the close as a result.
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