Covered Few

I covered few shorts near lows today....Just taking profits...No change in outlook.
I think some bounces are possible...But I dont think it can sustain the gains.

Cheers,
Lee

Outlook

Unfortunately did not get time to make a more detailed post...But a few words on my outlook. I still think there is ATLEAST one more significant down wave no matter what the count is...

So if you look at the triangle we have been in for past several weeks, yesterday we tagged the bottom of it and bounced back....2730 odd....so for the bearish case to gain strength, we do need to break that and close below that...For the bullish case we obviously need to hold above that as much as possible...

Now you already know my bias. I dont like to post 2 sides of the coin...Very clearly, I expect we shall break 2730 soon and go on to test 2660, breaking which we shall touch 2550-2525 where I think I will cover my shorts for this round. All this should happen very soon as the down waves look impulsive to me...

2860 on upside is key for da bulls...And above 2920, I would say bearish case is dead for now.

This is my outlook. Should not be construed as investment advice and usual disclaimers apply :)

Best.

THE JINX

Yeah I know I know....I promised I wouldnt post for a while :)

But when the bear finally wakes up, shouldnt I be there for it? :)

Anyways all jokes aside...I am wondering if we are finally getting the big move. Or atleast the start of it...The move that has been so elusive for so damn long. Even shook me out of a few of my short positions. Yeah I have to say its not been easy being a bear for the past few weeks. Maybe the tide is turning?

Charts with comments below.






Hope I dont JINX it this time also :)

Best.

Walk the line!

Not going to talk about the markets here even though I have commented in the previous post...If you missed that, please read since there are a lot of valuable insights in there from different people.

I watched a movie...Walk the line...A few days back...And I loved this movie. Amazing stuff...The movie story line is a bit sad to say the least but overall a wonderful movie..More than anything the actors performances are superb and should not be missed..Since I loved the movie so much specially the songs, I thought I'd try the title song...An attempt below...

Now this song really needs 2 guitars with a lead for sure, I am not very happy with it but well it is what it is....He sings the whole thing so low..almost rock bottom base...But anyways, heres my take on it...enjoy :)



Best,
Lee