Hurst Cycles Trading Software - Accurately Forecast Nifty and Stock Cycles

Monday, February 23, 2009

Some more thoughts

ONE MORE EDIT: I took a gamble on some 2750 FEB CALLS...Pure gamble...If I lose it, I lose just the premium... :) Worth the risk here in my opinion.
EDIT: A little after the market open...Out of my shorts...Flat for now...Now the market can crash without me...LOL :)
We seem to be close to an inflection point right here. I would think that we are very close to a bounce point. Could come from the 2660 area...But if this fails, we could have a quick trip down to 2525-2550. So its a risky area for sure. Either case I am considering taking all my shorts off today and just going flat. I dont want to go long here because of the 'crash' possibility..And believe me, after the US market today, its a very strong possibility. We got to bounce right here on the SPX and DOW, else its crash time. But gotta take that risk I think as a trader..So I will take my shorts off and wait for a bounce to reshort again. Dont want to risk any longs in this market.

Chart below.

Comments welcome.


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