The rise off the day's bottom so far does not look very clean.
That alone is not a reason to short as wave structure may change or a corrective rise may keep rising.
There is no urgency to liquidate shorts, just a bit of reduction and putting hedges back on was all I did.
may be I am giving too much credit to the bulls thinking that, at some point, they will stage a good bounce, but better safe than sorry, if index starts to falter, I can remove some hedges.
S&P needs a move above 1070 to have a chance at changing the short term down trend.
Well, as I was editing a chart for you, index did an ugly candle drop on 5-min chart.
As I said, the rise does not look impulsive.
Another gorgeous day in our town and it is off to an amusement park that we'll go.
If I get time, I'll look at some broader charts and make a post in the 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