And Now For The Shakeout
To be frank I was a bit surprised to not see a more persistent attempt to breach the volume hole near 1440. But I’m not about to argue with the tape and the current shake out for us means new entry opportunities across the board. As I’m not completely useless I did alert my subs to a juicy short term opportunity a few hours into today’s session:
Here’s what I sent my subs – if you either saw my email, my comment, my tweet, or the flood light projecting Mr. Evil onto the clouds then I hope you took out some short positions.
It’s been a sea of red candles every since and I don’t see any substantial support until 1415.5. If the 100-day gets sliced then we may hold at 1410. Until then I would take some partial profits and let the rest ride.
BIDU – interesting setup actually. The hourly is looking bullish but the daily is facing a NLBL and the 25-day SMA. I’m long here with a stop below the 25-hour SMA. Should it give way and we close below the NLBL then I may take out a short position.
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This entry was posted on Thursday, December 13th, 2012 at 2:45 pm. Both comments and pings are currently closed.