It is amazing to have such controlled "no-panic" selling and be in a -89 Oversold situation.

Anyway, we still have the same type of negative divergence that we witnessed yesterday.

Furthermore, the FB IPO does not seem to pull the market higher... It has even hard time to pull itself up.
When early subscribers will be unlocked from selling in a week or two, there will be tremendous pressure.
As of now, the underwriters are making their best not to end in the red.

I reduced my shorts position by 2/5th, but I regret it now, which means that I was probably right!



Pascal

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