Thursday August 28th: Watch Out For Strong Reversal
August 27, 2008 10:15 PM
Tomorrow it is very possible/probable we may have a reversal. While I am not certain of this, and will have to wait and see how it plays out early on, it certainly is a possibility especially with several strong resistance levels on the futures up top. If we gap higher tomorrow, watch the gap. If the gap is sold, then that will likely be the high of the day made early on. If we open flat/lower, the odds of a strong reversal become far less as i see things. We need to clear 1285.50 and reverse to create possible big pressure for both tomorrow and coming days. If we do clear 185.50 tomorrow on the futures, we should test 1290 to 1294. If we are going to reverse it is likely to come in that range.
I still believe the next visit to the 1263 level will clear, if we get there.
Comments
Got something to say?
-
Recent Commentary
- Site Update: It Has Been Fun, But Closing It
- Morning Call: Open Sold
- Market Recap: GM News Was Not Really A Deal, Dow Low Cleared Late and Down She Goes
- Morning Call: Open Sold, Dow 7773
- Market Call Revisited: Sell Asia
- Market Recap: Not Good
- Market Update: Doesn’t Look Good, 818 and 826
- Market Recap: Buyers Above 818
- Morning Call: Open Gap Bought
- Market Recap: Buying On A Big Number, Now What?
- Morning Call: Still Uncertainty
- Market View: GM Holds The Cards
- Stock Charts VS Market Charts
- Market Recap: Somewhat Predictable, Low Came Where I Said Was Likely
- Morning Call: Unclear, Risk Is High
- Huge Rally: Now What
- Market Comment: Does News Even Matter?
- Market Recap: Close Day Craziness
Our Mascot Trading Goal: Ferrari 599
