The Stock Market is wounded and dangerous.
It is from these kind of oversold levels
that market has been able to rise, for last
3 months. I do not see high probability for
New highs this time, but shorts must be
carefully monitored and Market needs to be
given time/space to fail in the rally before
declaring it dead.
Keep Shorts with a 44.55 stop on 1/3 QQQQ.
Keep Long GOLD/XOI/EURO and short $USDOLLAR
with 27% retracement rule.
6 comments:
Hello Boris my friend. I have the magazine loaded with silver bullets.....but this creature may hold on until mon. James C.
It is good to hear from you James.
Yes, I agree. Keep the Load ready.
Let is give this animal it's due
and see how much fuel does it have
steel in the stocmach.
Good Trading
We are at 50% retracment of the drop, as expected , we see the hesitation devlop here. 62% retracement is up at 44.27 though.
Good Trading
So far, so good.
44.09 ~ 50% retracement area
held the QQQQ's back.
Something tells me we will
test a 22.26 62% retracement
later today.
Good Trading
We are re-entering the P/C ratio bull danger zone once again. James C
Gold, and especially Silver
are falling hard here. We probably
need to give these metals at least
24 hours before they reconver.
QQQQ is/could-be making lows within
next 15 minutes, and going up for nex 24 hours or we could continue
going lower all the way into next
24 hour.
Good Trading
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