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Tuesday, March 10, 2009

US Bounce

Big bounce in the US markets...Will this one stick or fade like everyone else? My view - MAX upto 742-750 SPX is possible after maybe a pullback tomorrow..So pullback from 720 to around 700/690, then again one more move up after a little into the 740 area max..It may not even get that far...This is how I see it happening. Another classic ABC pattern before next move down - Also this should be the FINAL move down.

Now this kind of puts a quandary on the shorts I am holding now. Maybe the US market will be weak tomorrow and bail me out but I am not sure. But I am not too worried about this..Either way, I see this wonder bounce failing soon. And since I am at something like 50% of my planned short size, I can always add more if we bounce higher...But its a moving target - will see more on Thursday morning.

Also lets see how tomorrow in US markets plays though.

Best.

1 comment:

STOCKMARKET.COM said...

hi,
same posaition here having short near 2580 on monday....and holding for at least 2530 or if all goes well then 2480....let's see ....
as far us concern see what i think..http://www.vfmdirect.com/forums/show.cgi?topicid=1236773518