OEBNB FEB 2010 510.0000 PUT, which looked a loser just yesterday, and we had bought at 4.00 range hit highs of 6.90. Although there is more downside possible we consider this position sold.
And the market fell to a theoretical Dow of 10,477, certainly a bearish consolidation, but not yet a proven downside unless we see a much stronger sell off, that doesn't "soften" during the 3.00 p.m. hour.....until it finally did, and then moved right back to support lines, showing a bullish end.
“An economist is someone who sees something happen, and then wonders if it would work in theory." – Ronald Reagan
“The CROWD is always wrong at market turning points but often times right once a trend sets in. The reason many market fighters go broke is they believe the CROWD is always wrong. There is nothing further from the truth. Unless volatility is extremely low or very high one should think twice before betting against the CROWD." – Shawn Andrew
Lastly, I do not believe the market fall yesterday had anything to do with the Republican upset in Mass, but was "ready" for a consolidation.
No comments:
Post a Comment