Covered all shorts today and went flat...Pretty decent profits and I do not want to let it go..I might be early but the market is displaying some strength by holding onto support levels. Will reshort at higher levels if a good bounce comes in else remaining flat...Not going long at all for now. As I said before, I dont like this market. Its whipsaw city and I'm not so sure anymore on direction! :(
As I said last week, market was looking very dangerous. I was apalled at some bullish views coming in from various forums and blogs I frequent. To me it was clear that something dangerous was brewing and lot of small players will get caught on the wrong foot again. I sincerely hope that some of my readers took precautions with what they read here and did not go long yet.
Well as mentioned in my earlier update, I was looking for possible reversal points. I kept adding shorts as we went higher because it was clear that there was a buyers strike and bad things would come soon. Yesterday the market confirmed that with a strong rejection at the 2830 resistance/pivot area. Now back at support...2630 should break today giving way to the 2520 support area. I think this also will break sooner than later and we should go on to test earlier lows and new lows. Dec mid timeframe is where I will be looking for some sort of turn - This is also a bradley turn date. We will see when we get there. Till then enjoy the fall and these charts with comments on them.
Also my sincere wishes and prayers are with all involved in the nasty incident in Mumbai. I dont want to say anything more here but that I am really saddened by several things...The violence, the ineptness of our security forces and above all our politicians and media. Sickening to say the least. I will continue to hope for better times for India as a whole...Will it ever come?