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The sort of end of day selling that we are experiencing puts in question the validity of the oversold bounce theory.
IWM undercut some key support.
I cut back on most of the long position that I took on individual stocks and will reassess the situation for tomorrow.
If even with tomorrow's POMO liquidity the market does not try to bounce higher again, then we will go further down.
Pascal
[ATTACH=CONFIG]14361[/ATTACH]
[url]http://www.reuters.com/article/2012/05/22/markets-forex-idUSL1E8GM6HV20120522[/url]
[QUOTE=adam ali;22441][url]http://www.reuters.com/article/2012/05/22/markets-forex-idUSL1E8GM6HV20120522[/url][/QUOTE]
Adam
I would suggest if you indicate a link to information you think is valuable to members here, you show a couple of sentences of the main idea of the piece.
We all have so much to read just a link is often not enough for us to follow it.
Trev
Good idea, Trev. I'll do so in the future.
[QUOTE=Pascal;22440]The sort of end of day selling that we are experiencing puts in question the validity of the oversold bounce theory.
IWM undercut some key support.
I cut back on most of the long position that I took on individual stocks and will reassess the situation for tomorrow.
If even with tomorrow's POMO liquidity the market does not try to bounce higher again, then we will go further down.
Pascal
[url]http://screencast.com/t/A65An7SP3qp[/url]
I know th epicture is some busy. But you can clearly see the blue-green box 40wk. That 's my Hurst target box of the 40 wk cycle of the SP500. So, I expect inthhe coming week or two a decline to about 1270-1240, let's say 1250. I hope mister market also see my target clearly.
sjoerd