Today’s Action In Two Words, NOT GOOD…Extreme Caution Until Further Notice
April 30, 2008 5:07 PM
Caution on virtually everything is in order. Making a new recent high and reversing and finishing negative appears to be big trouble. Do not go long on almost anything unless we get on top of today’s high. Today is why I never trade Fed day - I would have got whipsawed BIG time. Way up, then way down, in a very short period of time. I thought we would not go negative, so expected to close at the high…but negative we went… It just seemed like too far to go down to get there….I was right that if we cleared 1394, trouble was very likely….and could go negative, and we did. But still, would have been extremely difficult to trade it. Best to let others gamble on days like this and wait for clarity with firm numbers.
Anyhow, EXTREME caution on anything long….this looks like trouble….IMO. 1370 area should try and hold on any initial selling…..If that doesnt hold we “might try” and hold 1360 range. But being long the market here is less than wise…IMO.
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