Hurst Cycles Trading Software - Accurately Forecast Nifty and Stock Cycles

Thursday, May 8, 2008

US Markets Update - 8th May 2008

Small update on the US markets trading action today and what that means to us....

Well lets face it guys....Todays US market action was NOT bullish...Just whipsawing about and no real underlying strength...Infact it looks to me to be outright dangerous to be holding long positions today...Which is exactly what I am doing right now...

As I said in earlier posts, I was very short term bullish but medium term bearish..Now it looks to me more like the very short term might be over or close to over...In fact I will look to cover my longs today at the highest price I can get...Might even try to open small shorts..Lets see how it turns out today. Any bounce I get and I will cover and get short...Only small amounts here.
Market has not taken any sort of direction...Still consolidating to breakout or breakdown.
5100 on upper band and 5070 on lower band looks important to me.

Asian markets also look weak today.

Best.

1 comment:

Ramesh Babu said...

Hi Lee,
I followed you and opened shorts in RIL and IFCI at closer to todays high price and still holding and hedged with calls before close of the market to carry my positions to monday. Your analysis rocks. thanks Lee.

Ramesh Babu.M