We called the bounce yesterday without umph, and it was just that.
Seems like market is having another high distribution day! Back-to-back distribution days usually lead to seller exhaustion and can form some sort of a bottom for a bounce.
Where the bottom is, how long it will last, what sort of bounce, ....? who knows. I think it is prudent that short positions are reviewed at this time, stops are tightened, profits are taken (all or partially).
It differs from one individual to another. Just be careful not to lose all that gain from short positions. It seems like a cathartic washout of some sort is in the making. maybe not, but it never hurts to be aware of possiblities.
I'll try to do a more detail analysis this evening.
S&P 500 – May 15, 2012 - Bottom Line: Long term trend is up. Mid-term trend is down. Short-term trend is down Weekly S&P stage is Late Advance (2-C) Daily S&P stage is Strong Decli...
1 year ago