Markets were really choppy yesterday - first up a lot - then down to test MA(200) right below 1260 as I indicated was a possibility yesterday , but then bounced hard into close and closed near hod.
I've added to my TNA position at low 68's as I'm still very bullish short term from here.
Markets havent really been going anywhere over the last 3 days - as we got a nice up move in markets - then down and then a little up , so we have "stayed" choppy in support range 1255-1265 area which should give us a strong rally soon imo
Every indexes I have is still on a full buy signal since yesterday - so lets see what happends over next days/weeks.
FTSE is getting close to a major trendline support which I think will hold this time at least for a short term rally - and the same for CAC (France)
I am going to short markets big again when all you guys are predicting markets going to new highs and 1450 and 1500 and everything just looks good.... or when Obama adress another kill or another "good news" out there....
Remember - the top were exactly when Osama bin Laden was announced......surprise... bottoms usually when a country deffaults - natural disasters or war or something else.....
My upside targets is in the 1320-1330 area into end of June. Holding all my TNA 68.5 average.
Good luck to everyone
yes feels like there may be too much bearish sentiment short-term though the swing charts are looking ugly.Am watching that FTSE trendline too,closed most of my shorts though 5600 may be possible.Cycles support a low here and of course solstice coming up ! enjoying the blog !
ReplyDeleteThanks Rambler
ReplyDeleteI'm also just looking for a little relief rally - but who knows how high we will go if we start...
But for now the downside remains limited short term with the upside greater - lots of indexes near supports now ( big supports ) and I would at least expect a bounce/rally first - then we can break them later...