Notice the importance of the 875 pivot. It really speaks for itself. I realize the market is overbought and in need of a pullback. We are really in a difficult position for traders at this juncture. This announcement is the sort of binary event where we are going to see either a euphoric leap or a disappointing spike down. If the bulls can avoid disappointment, an aggressive sell off on the bank news will be one of the best signals we have had in a while for the potential of a little sustained upside.I suggest to bring your helmet it's going to be a volatile ride. Cheers!Monday, February 9, 2009
875 or Bust
Notice the importance of the 875 pivot. It really speaks for itself. I realize the market is overbought and in need of a pullback. We are really in a difficult position for traders at this juncture. This announcement is the sort of binary event where we are going to see either a euphoric leap or a disappointing spike down. If the bulls can avoid disappointment, an aggressive sell off on the bank news will be one of the best signals we have had in a while for the potential of a little sustained upside.I suggest to bring your helmet it's going to be a volatile ride. Cheers!
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