Folks, I am on vacation this week...In Los Angeles some theme parks and after that Las Vegas...So posts might not be that much...My initial idea was to close everything before I left but still held some and well that was probably not a good thing...Oh well...Anyways heres my thoughts for this coming week.One thing to note here is that Monday is a hol over here in the US...This could be important.
Now see the chart..the decline came on low volumes...I find this quite interesting. Why did this happen?...Is it setting up for a short covering rally after the public is sufficiently beared up?
One very interesting thing I see now is that the 'experts' are all beared up and are expecting retest of Jan lows.
Now I am not an expert and I am not going to try and predict Mondays moves. If you are not in a trade, it might be a good idea to stay out on Monday. I have some small longs..And the plan is to hold this if 4900 holds...Break this and I will be out. See if it consistently trades below 4900 for 10 mins...
4920 and 4900 and important levels. I do not know more than this now...I will try to post updates when I can...If I were to guess, I'd said we do a small bounceback from here or a bit lower...And then maybe setup a long and painful decline. Overall situation is not good.
Best.
3 comments:
Lee, I heard rumors of even 4500 being touched ... but I am not unduly worried ... I took small long steps on Friday and will continue to buy into any dips which come up on Mon / Tue ... bounceback in expiry week is certain .. there are too many 4800 puts written by operators so they wouldn't let it close below that now would they ... just like april closing was not allowed to rise beyond a level where all the calls were written ...
hi fakhruddin, ys you are right...i agree...some bounceback should happen..might come from 4900 or worst case 4860 area...and we might hold till expiry..after which the real pain might start...overall medium term outlook remains bleak..
Hey fakhruddin, are you from vfm? what is ur name there? just wondering are you fjb or someone else?
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