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Market Recap: Half Right

November 11, 2008 5:25 PM

We made exactly zero firm lows today. I mentioned that we might see strength on a trend break and if 8654 cleared on the Dow, shorts should cover. They did. It spiked to 8864 before reversing. I then said” if we clear 905 on the SP we should see 917″. We did. I then said “896 HAS to hold to take out 917″. It didn’t, and we closed weak. I dislike “close days” in a huge way as short covering can dictate the action and often will. It tried today, but failed.

I still see zero lows of importance above the ultimate lows seen These moves have been based on moving averages and trend breaks, nothing more. I personally consider both to be complete nonsense and guessing. If you want to guess at this market, good luck with that. The World Series of Poker ended last night and you should have entered. Not my thing but fun.

At any rate, if they want to make this CLEAR, they will open tomorrow below 884 and that low bought. If that happens, the trade is long. If they open this flat to higher, I am once again very, very  skeptical.

Written by Tom@StockBlade.com · Filed Under SP Futures 

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