Hurst Cycles Trading Software - Accurately Forecast Nifty and Stock Cycles

Thursday, May 15, 2008

Market Update - May 15th 2008

Not posting a chart today...Nothing much to say on charts.

To me this looks like a short squeeze from hell. Not going to stand in its way anymore...Will close shorts, take the loss like a man and will post this sometime today(I will micromange this little bit with the hedges so that the loss is kept as low as possible) . One thing to note here is that tomorrow is US OPEX(option expiry) week which typically means that the market is held up by the big guys during this time...So be cautious of longs.

Today we get a gap up and then need to see if it sustains...Also we are going into the long weekend. It will be interesting to see who will blink first - Bull or Bears.

I will get out and watch before making any decision. Most probably will go flat into the long weekend. We will see next week. I did not have such a bad week even with this trade I am on now...But this is only because of the hedges I have in place - This is why I encouraged doing this so much.

Have a good trading day.


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